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January 10, 2009

Canada loses another 70,700 jobs

CANADA - The Canadian public lost 34,400 full-time jobs in November and another 70,700 full-time jobs in December. Economists are now predicting Canada to see an unemployment rate of 7.9% in the near future, with job losses expected to climb to 80,000 to 90,000 in January.

Canada's job woes still pale in comparison to the United States, where employers slashed 524,000 jobs in December. Those losses pushed the U.S. unemployment rate to 7.2 per cent, the highest since the American recession of the early 1990s. The USA lost a total of 2.8 million jobs in 2008.

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