Most jobs lost in 34 years in the U.S, 26 in Canada

13 posts / 0 new

Fri, 2008-12-05 08:50

josh

"Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession.

The new figures, released by the Labor Department Friday, showed the crucial employment market deteriorating at an alarmingly rapid clip, and handed Americans some more grim news right before the holidays.

As companies throttled back hiring, the unemployment rate bolted from 6.5 percent in October to 6.7 percent last month, a 15-year high."

http://tinyurl.com/6jykjm

"Canadians lost 71,000 jobs in November – almost triple expectations – and the unemployment rate crept up to 6.3 per cent, as Ontario employers felt the harsh impact of the U.S. recession.

That's the biggest month of job losses since the recessionary period of 1982, and puts the unemployment rate at its highest point since November, 2006. In percentage terms, it's the biggest month of job losses since February, 1991, also a time of recession."

http://tinyurl.com/5ekzn7

Fri, 2008-12-05 09:30

Lard Tunderin Jeezus Lard Tunderin Jeezus's picture

Interesting that per capita, Canada is harder hit by job losses than the U.S., isn't it?

Probably just another of the advantages of Free Trade, and having every major industrial sector under foreign control.

Fri, 2008-12-05 09:53

josh

Certainly, in large part, the result of free trade agreements.

Fri, 2008-12-05 11:18

Lard Tunderin Jeezus Lard Tunderin Jeezus's picture

Yes, of course, the problem exists with the actual agreements which restrict our sovereignty and tie the hands of democracy; rather than the ethereal and esoteric concept existent only in economics texts.

Sat, 2008-12-06 15:56

SwimmingLee

The Canadian government seems so much healthier financially than the US. Didn't the Canadian government run a surplus recently ? Not just Alberta, with the oil revenues, but the whole country.

I have to wonder what effect the fall in oil price has on tar-sands operations. That's a huge benefit for the environment if tar-sands stops being profitable for a while. I had the impression that the cost of production for Canadian tar-sands was in the range of $35 to $50 a barrel of output.

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Sat, 2008-12-06 17:08

500_Apples

Lard Tunderin' Jeezus wrote:

Interesting that per capita, Canada is harder hit by job losses than the U.S., isn't it?

Probably just another of the advantages of Free Trade, and having every major industrial sector under foreign control.

I don't think that is true if you take longer baselines.

Notice our unemployment rate is no lower than that of the states, and it used to be a lot higher.

Additionally, we are only at the start of the great contraction (I think), which flaws both your chosen numbers and mine.

Sat, 2008-12-06 18:17

Lard Tunderin Jeezus Lard Tunderin Jeezus's picture

Actually, I saw a more interesting spin than yours at the progressive economics site, where there was some conjecture that the prior two months (election time) were curiously unaffected by the darkening clouds of recession on the horizon. Has Statscan's independence been compromised by the Conservatives? Was the bad news simply piling up, delayed until after the election?

Sun, 2008-12-07 18:17

George Victor

Bang on LTJ.

And the Globe and Mail would inform S. Lee that below about $46, synthetic oil from the tar pits goes into major production slowdown.

Long live the ducks ( and geese and coots and rails and gallinules , etc. etc.

Mon, 2008-12-08 03:19

thorin_bane

LTJ I would say so. Funny how the timing of the prorogue was 1 day before the shitstorm hit about all the job loss and further economic crisis hitting like a hammer. Election timing was important as the government was in the black in july(reports come out in late sept or early oct) because of spectrum sale. We are in the red for august and I suspect when the report comes out his week on september we will officially be in a deficit for the whole year, unlike how they said we wouldn't. Hence the need to sell off 2.3 in government assets. DRSOB's.

I may hate the libs because they lie about their platform, but the way the cons run a government is dispicable. Ontario is still reeling from the p3's , sell off of 407(thanks jim) government assets and then leaving with a huge debt leftover. Then they blame McGuinty in the media for the 6 billion debt that arose in 6 months....Bullshit useless media doesn't even question this assertion, because they are just reporting what they are being told. Fucking do your job and be a journalist not a stupid sound byte reporter.

Rex Murphy today(sunday I am still up) was at his usual uselessness. I think the guy just hates quebec even using the "bloc is a separatist party only, don't you agree". No unless you say that the reform was. As far as I can tell the bloc is about protecting quebecs interests in canada. It isn't a good position in my mind, but they haven't tabled a bill calling for the deformation of canada in the house. Though I think cons would support such a bill if it was presented as a way for corporations to buy the parts of our nation. The Parti Quebecois on the other hand has tabled such legislation. So I see a differance in the two, despite being aligned.

______________________________________________________________________________________
"Everybody's worried about stopping terrorism. Well, there's a really easy way: stop participating in it."
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Fri, 2009-02-06 10:34

#10

josh

Canada now joins U.S. in having the worst monthly job losses since the mid-1970s

"The recession hit home where Canadians live last month as a massive 129,000 workers joined the ranks of the unemployed and the country's jobless rate surged to 7.2 per cent.

More than half the jobs lost were in Ontario where manufacturers, particularly carmakers, have been hit hard. The province's unemployment rate rose to 8 per cent, up from 7.2 per cent in December.

In Toronto, the ranks of the unemployed grew to 7.8 per cent, rising a one-half percentage point from the previous month.

Meanwhile, in the U.S. employers slashed payrolls by 598,000 in January, the most since the end of 1974, catapulting the unemployment rate to 7.6 percent. The losses were far worse than the 525,000 economists expected. So was the rise in the unemployment rate, now at the highest since September 1992.

Across the country, it was the worst monthly employment drop in at least three decades, topping figures seen in either of the two previous recessions in the 1980s and 1990s.

Almost all the jobs were full-time and were mostly in a battered manufacturing sector that has been most affected by the severe downturn in the United States."

http://www.thestar.com/Business/article/583372

Fri, 2009-02-06 22:51

#11

NorthReport

But....but.....the Governor of the Bank of Canada recently said Canada is in relatively good shape. I can't believe we are paying his wages with lack of intelligence like that. Does the PMO write his speeched too? Fire the jerk.

Fri, 2009-02-06 23:05

#12

NorthReport

I hope everyone, and particularly our right-wing visitors, take the time to read:

All of them must fucking go

http://rabble.ca/columnists/all-them-must-go

Sat, 2009-02-07 11:29

#13

Fidel

High level mob boss meeting in Moscow

Quote:
It is yet another glaring example there is no difference between Bush, Obama, or anybody else anointed by the global elite to serve as presidential window dressing — the Daily Telegraph reports this morning that former Reichsminister of State and Rockefeller minion Henry Kissinger was dispatched by the Obama administration to talk with Russian president Dmitry Medvedev about reducing stockpiles of nuclear warheads. . . It is absurd to think Obama chose Kissinger or anybody else for that matter. Obama, like all previous presidents in the modern era, is little more than a wind-up doll with notable oratory skills and a knack for reading teleprompters.

New world order coming?