Followers

November 25, 2008

Canada may lose 15,000 auto jobs

CANADA - An economist with the Conference Board of Canada believes the Canadian auto industry will lose a staggering 15,000 jobs by the end of 2009 as a "maelstrom" of change sweeps through the sector.

The latest projection from the non-profit research organization predicts Canada's automakers will lose $1.7 billion this year as new vehicle production declines by 15.3 per cent. The report said the automakers are caught in a "maelstrom of cyclical and structural industry changes" and it's a trend unlikely to improve until 2010.

Conference Board economist Sabrina Browarski said the drop is attributable primarily to reduced demand for new vehicles in the United States where production is expected to reach an eight-year low in 2009, adding up to another $1 billion in losses.

Browarski said the total damage will likely come to 15,000 lost jobs in the vehicle assembly sector alone, with even more expected at auto parts manufacturers and other spinoff industries. While the struggling industry is experiencing structural shifts, most of the negative trend in sales can be attributed to a cyclical slump in demand due to the American recession.

GM reported a $2.5-billion (U.S.) loss in the third quarter and Ford Motor Co. said it lost $129 million in the same period. Both GM and Ford have announced plans to lay off thousands of workers as they try to cope with plunging sales.

See Past Posts:

Volvo Cuts 1000 Jobs

Ford, General Motors & Chrysler running out of time

General Motors says its may go bankrupt

US Treasury rejects GM/Chrysler Merger Aid

No comments:

Post a Comment

Comments containing links will be marked as spam and not approved. We moderate every comment. If you want to advertise on this blog it is $30 per link.

Affordable Website Design & SEO

Looking for a quality professional website designer? Why not go where the smart money is?! Toronto Website Design and Toronto SEO. Get free SEO advice from people who really know the business.

Featured Posts

The Sarcasm Symbol
Ever had some confusion online or with your cellphone when someone fails to catch the sarcasm? Well now with the SarcMark you can ge...
Behold, the Scorpion Hydrogen Supercar
CARS - To the right is the future of supercars... it is a hydrogen supercar called the Scorpion. The Scorpion from Ronn Motors in Texas is t...
Documents show Stephen Harper misusing public funds
CANADA - According to 950+ pages of documents obtained by the Canadian Press under the Access to Information Act the Privy Coun...
Pink's Rosie the Riveter
ENTERTAINMENT - What I like about this video is how it meshes different social movements like feminism, veganism, anti-capitalism...
California's Dustbowl
ENVIRONMENT - The photo on the right is a farm in California that has been put up for sale. Its just one of thousands of farms that are n...
Is Steampunk the New Goth???
GOTHIC - Watch out what you see on the subway late at night because while in 2001 you might have seen some pretty freakish goths, by 20...
Do you have enough Ice Water in your diet?
HEALTH - A Calorie (large C) is a measurement of the amount of energy needed to raise the temperature of a litre of water (1 kg's worth) ...
North Korean timeline towards Inevitable War
POLITICS - The following is timeline of events that have occurred on the Korean Peninsula. 1945 - Japan surrenders to the United States a...
Judgment Day is Tomorrow, so sayeth Cult
RELIGION - According to a cult based in California, Judgement Day is tomorrow (May 21st 2011) and Jesus Christ will return to the Earth a...
Sex in Space Forbidden
SEX/TECHNOLOGY - Sex in outer space is a big no-no according to NASA. Not for professional astronauts at least, but the growing numb...

Popular Posts