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Hello Canada The Recession is Coming 100,000 Jobs to Be Lost: Report
Scary news for Canada as when before Canadians knew the economy was slowing down, analysts now predict the recession is to hit hard in several sectors of the economy. According to the report:
Canadians are in store for a harsh winter of economic news with substantial job losses mounting in the next few months as recessionary times take hold, the Global Insight forecasting firm says.
Managing director Dale Orr says the country will lose 100,000 jobs in the first three months of 2009 and believes Canada has already entered the first recession in 17 years.
Unlike the slowdown earlier this year, which was mainly been concentrated in the business community and the stock markets, this "will feel more like a recession" because of the significant job losses.
Orr said job losses will likely occur in the beleaguered auto sector and forestry - two hard-hit areas - but also in the construction trade as house starts fall, tourism and the financial services sector in response to the crisis in stock markets shock. "Main Street hasn't felt this (slowdown) yet because we've had pretty good labour markets but the next year going forward the labour markets are going to show it," Orr said.
Orr said Canada's jobless rate will rise from the current 6.2 per cent to 7.2 per cent at the end of next year.
The revised Global Insight forecast comes amid two other reports that suggest Canada's economy is in for a rougher ride than most official sources, particularly political leaders, are currently willing to acknowledge.
The Deloitte consulting firm's annual survey on retail spending trends found that 40 per cent of respondents intend to curtail their purchases this holiday season, as opposed to 25 per cent who said so in last year's survey.
It seems as though the impacts of the credit crisis and global recession are finally about to reach Main Street, Canada. The big question is are we ready for this?
Crowd Power
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René Ehrhardt
Reading, Berkshire, United Kingdom -
mettabebe
Canada
Recommendations (56)
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Blue Crush
Toronto, Canada -
mazevedo
Vancouver, Canada -
altrugon
Vancouver, Canada -
Rhonda J Mangus
North Tonawanda, New York, United States








Most RecentMost Recommended Comments (13)
at 17:07 on November 14th, 2008
I hope it doesn't hit us really hard.
at 18:32 on November 14th, 2008
Well the Canadian Auto Sector is hurting big time. As the big Three who've spent so much money all these years on putting themselves into the situation there in now. (Seeing Toyota and Honda aren't in this boat.) The big three now find themselves coming back full circle into falling victims to their own fate and having the Canadian tax-payers to bail them out in the process. Will they ever learn? Not while hand outs are available from both Canada and U.S. tax-payers.
at 13:49 on December 26th, 2008
More and more, North America is seeing the true culprit of the terrible events that have shaken investor confidence and left markets in charred ruins. Over the past few decades, a new leader has emerged on the North American socio-political landscape, and it is the modern version of the large corporation. This new product of decades of legal and constitutional ammendments and changes that have allowed it to exist and flourish as a market leader....but wait! Let's have a closer look! This new emergence, this product of "corporatization" has no charter, has no morals, has no ethics. It's only.....one and only loyalty is to bottom line profit...and in it's current form, it allows it's CEO's and owner/marketers to take their profits first, long before the average shareholder know's what market conditions may be affecting their invertment. There is something else, something so bad, so perverted, so craven and imoral that one would think some government watchdog would have caught this long ago, but no....it has not happened.
This modern monster has removed your rights, can pollute your air and water, allow chemical changes to soils that will affect your children for a thousand years to come. This forces can lobby politicans, fund wars and bloodshed in the name of profit....and it can sink an entire nation....then point the finger at someone else!
Today's large corporations need to be examined under the microscope by independant unpurchaseable regulator's who do not report to one of the six major corporations that print the news in North America. All along, the concept has been to remove the power from the sheeple, and to set up systems that everyone must pay into to maintain the status quo. A current example is the resurgence of interest in the CANDU reactors and bringing more Nuclear energy online in Canada. Despite proof of alternative energy systems that have been functioning flawlessly all over Europe and the rest of the world, our Canadian spin doctors and energy analysts bought by the nuclear energy corporate crowd say "it does not work", and further more want your dollars, via intiatives and subsidies to fund huge nuclear energy projects that will produce toxins that must be dealt with by your children sixty-five generations from now!
Bring back the corporate charter, limit the power of these tyrannosuars and we might have a hope, let them run free and in the end they will only have each other to fight, as they will have destroyed all else in their mindless pursuit of profit over all else.
at 18:44 on November 14th, 2008
I heard on the radio the other day that Canada was going to narowly miss a recession. I was kind of clinging to that idea.
at 19:04 on November 14th, 2008
It seems as though narrowly missing a recession is what most official sources and specially political leaders want us all to believe for the simple fact that generating pessimism and panic would not be helpful at all for the market. It would on the other hand provide even worst results in the market. However data and reports have been showing us that it seems highly likely that Canada's recession is coming to town.
at 19:03 on November 14th, 2008
at 19:11 on November 14th, 2008
gostei muito da materia..
parabéns e muito sucesso
at 19:13 on November 14th, 2008
Muito Obrigado!
at 19:41 on November 14th, 2008
We may have to start talking about a depression rather then recession.
at 19:54 on November 14th, 2008
No Depression. Ontario, like most of the Rust Belt states south of the border, is already feeling the pain, and will likely feel it the most.
at 20:39 on November 14th, 2008
The working class have been in recession for hundreds of years, we want the whole cake and not just the crumbs left by a few rich folk who are now crying poverty and want to use our tax money to help them out?
at 08:49 on November 15th, 2008
Mazevedo this is a good story! As someone who has recently been forced to look for a part-time job in the Vancouver area, I am faced with stiff competition from all kinds of people who are in the same boat. Although I do have a little bit of financial security at this time, I do need the additional income, and I'm finding it pretty difficult - especially for someone who's not been in the regular workforce on a full-time basis for the past 5 years! I know it's going to be a difficult time for myself and others (espec. those in their mid-fourties). I have a strong feeling that this Recession is going to be here for a long time -- at least the next four years! Partly this is due to the fact that we have done nothing in the past decade to try and get away from our very strong dependence on the U.S. Economy -- we have not diversified enough in our Industries and Manufacturing sectors, nor have we done enough to help create a newer, "greener economy", which will become vital in the next decade if the Global Economy is going to survive!
at 21:32 on December 18th, 2008
cant anything be done to speed up the recovery process??
how hard will the architects be hit..???
and if this really does turn into a depression..will it be anything like the "great depression" that occured so many years ago?
can someone please help me out by replying??
thank you