Economy sheds most jobs since 2009

Unemployment rate climbed to 7.3 per cent, from 7.1 per cent


The October jobs report was unexpectedly grim, with the economy shedding 54,000 jobs, the Globe and Mail reports. It was the single worst monthly result since 2009. All the losses came from full-time positions, particularly in the manufacturing and construction sectors in central Canada. The unemployment rate rose from 7.1 to 7.3 per cent.

The Globe and Mail

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Economy sheds most jobs since 2009

  1. Should the increase in Canada’s jobless rate continue (as would be expected since our economy is so tightly linked to the United States), it will be increasingly difficult for Ottawa to meet its fiscal targets. As shown in this article, Kevin Page, Canada’s Parliamentary Budget Officer, already projects that there is only a 10 percent chance that Canada will achieve balance by 2014:


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