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.

Comments:
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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