Lest you think that the United States is the only country now breaking its own records for joblessness, just look north across the border where there’s also a new bit of lousy economic news for Canada:
Canadian employment fell by the most since 1982 in November, led by manufacturing, a sign the world’s eighth-largest economy is falling victim to a global recession.
Employers shed a net 70,600 workers, almost three times as many as economists anticipated, after a gain of 9,500 in October. The unemployment rate rose to a two-year high of 6.3 percent from 6.2 percent the month before.
The figures come a day after Prime Minister Stephen Harper suspended Parliament to prevent being toppled by opposition parties who say he hasn’t done enough to help an economy that may have already slipped into recession. Bank of Canada Governor Mark Carney will probably cut interest rates by half a point to 1.75 percent on Dec. 9, the lowest in more than 50 years, according to economists surveyed by Bloomberg.
……Factory owners slashed payrolls by 38,300 workers in November, the most since January 2006, and another 26,000 jobs were lost in transportation and warehousing. Employment in public administration fell by 26,700, after hiring in that sector jumped by 39,800 in October as Canada geared up for national elections on Oct. 14.
And business leaders want some government action:
Canadian businesses see major economic challenges in the coming year, and they want MP’s to focus on getting an economic strategy in place as soon as possible, according to a survey conducted by the Canadian Chamber of Commerce.
Participants in the 48-hour on-line survey, which concluded this afternoon, expressed strong views about the impact of this week’s political events in Ottawa. Ninety percent replied that the political uncertainty was having a negative impact on business, while a similar percentage believed that the controversy is damaging Canada’s international image.
Seventy-four percent of respondents called for a comprehensive stimulus package to strengthen the economy, while 26% said such a package was not needed.
4865 people participated in the Chamber’s survey. A wide range of businesses of all sizes and in all sectors took part. Respondents came from every province and territory….
Looking ahead, 58% of respondents believe their profits will be lower next year, while only 17% forecast an improvement. Thirty-five percent expect to have fewer employees, while only 11% expect to have more.
Asked what they would like to say to their members of Parliament, a significant majority of respondents stressed the need to put the public interest ahead of politics and to work together to strengthen Canada’s economy. Results of the survey will be sent to all MPs.
The bottom line: times of political and economic change…in the United States…and in Canada…
Joe Gandelman is a former fulltime journalist who freelanced in India, Spain, Bangladesh and Cypress writing for publications such as the Christian Science Monitor and Newsweek. He also did radio reports from Madrid for NPR’s All Things Considered. He has worked on two U.S. newspapers and quit the news biz in 1990 to go into entertainment. He also has written for The Week and several online publications, did a column for Cagle Cartoons Syndicate and has appeared on CNN.