Economics Ch5: Canada Lost 129,000 Jobs in January: Statscan

With the bad economic conditions we are currently under in North America, job losses are at an all time high, seeing unemployment numbers growing to be more than those of the early 1990's and 80's recessions. The unemployment rate increased from 6.6% to 7.2% in the month of January, which is about 129,000 lost jobs, totalling over 213,000 since October of 2008. This number has already surpassed the previous expectations by economists of 44,000 lost jobs, and who knows when this trend will slow down. BMO economists predict that by the end of 2009, the unemployment rate will have broken through the 8% barrier.

http://www.cbc.ca/money/story/2009/02/06/januaryjobs.html

These rates were obtained through the Labour Force Survey, which takes the number of unemployed workers in Canada, and divides the number of the labour force. Although some may see this unemployment incline as nothing more than a temporary issue, it has and will affect the many markets in North America. Consumer confidence and spending will be much lower, as potential customers would not want to spend their little amounts of cash on unnecessary products. This, in return, has and will continue to cause a very low cash flowed- quarter for most markets.

With the demand for workers getting lower and lower, there is bound to be some more lay offs to come. For those who own their own business, it is important to realize that because unemployment is high, products/ services being sold will be much lower in demand, equalling a very difficult quarter of operation for businesses. When it comes to working citizens, alternative jobs should be thought of, because job losses are at a very high rate, and to be more prepared for a lay off, it’s good to look at other options for your career. At this point in time, no single person is at an advantage, and struggle is as high as it can be.