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Remember, this is a “mild” recession, according to Finance minister Flaherty.

What would a bad recession look like to him, I wonder? Some more terrible numbers out today:

Canada is shedding jobs at a rate not seen since the deep recession of the early 1980s, as March saw another 61,300 workers join the ballooning ranks of the unemployed. The loss brought Canada’s official unemployment rate to eight per cent, the worst in seven years. Statistics Canada noted that since the peak in October, employment has fallen each month for a total of 357,000 jobs lost, representing 2.1 per cent of the workforce. That is the most since 1982.

I think Flaherty’s other talking point has been that from his perspective, it hasn’t been as bad up here as in the US. That talking point seems to have disappeared as well:

…after avoiding a labour market contraction for most of last year, Canada’s employment picture is now in lock-step with the U.S., which has been shedding upwards of 600,000 workers a month for some time. Holt said the quick pace in which Canada is losing workers points to a downside risk that labour market contraction this year will be worse that even the more dire predictions so far. “While we’ve spoken to the risk of a half-million hit to employment this year, we’re raising our views on the risks to the three-quarter million mark,” he said.

Not only is the current recession as bad as it’s ever been seen in awhile, its actually worse then the 1982 recession for impact on Canada:

Holt said a key difference between the current downturn and the deep early 1980s recession is that it is impacting most sectors and all parts of the country, including resource rich western Canada. The previous recession was felt most in central Canada. “Every major sector of employment across all regions of the country is downsizing.”

But remember, this is a MILD recession, according to Flaherty:


1 comment to Remember, this is a “mild” recession, according to Finance minister Flaherty.

  • foottothefire

    Well if Harper is too stupid to avoid a ‘mild recession’ and, as it appears, incapable of fixing his ‘mild recession’, what does the future hold for Canada under a “Leader” who is called dead wrong by ALL banking and investment analysts as well as most ‘think tanks’ (save for his friends at the Fraser Institoot).

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