Chris Lau - Seeking Alpha

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Monday, March 16, 2009

Oh Canada ... Jobs

March 13 (Reuters) - The Canadian economy shed more jobs
than expected in February, losing a net 82,600 posts in the
month as the unemployment rate jumped to 7.7 percent, the
highest since 2003, Statistics Canada said on Friday.
                    Feb 2009         Jan 2009
  Jobs gain/loss     -82,600        -129,000
   full-time         -110,900        -113,900
   part-time          +28,300         -15,100
   Unemployment rate  7.7 pct         7.2 pct
   Participation      67.4 pct        67.4 pct
   Labor force        18.315 mln      18.292 mln

Source here.

In relative terms, the unemployment situation for us is no better
than that of the U.S.

Continue to expect weakness in:
  • Automotive and manufacturing (Ontario)
  • Housing and construction/contracting
  • Resources sector (energy sector in Alberta, forestry in B.C.)
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