Impact in Canada less than in U.S. – but is the worst yet to come?
How has Canada’s labour force fared in the aftermath of the Sept. 11 terrorist attacks? Recent statistics reveal that Canada's job market has remained steady, though it's a much different story in the United States.
Statistics Canada has released its monthly Labour Force Survey, available at www.statcan.ca. The unemployment rate increased slightly (0.1 percentage point) from 7.2 per cent in August and September to 7.3 per cent in October.
In contrast, the unemployment rate in the U.S. is soaring. In October, it rose to a five-year high of 5.4 per cent. That was an increase of 0.5 percentage point. More statistics are available from the U.S. Labour department’s Web site at www.dol.gov.
In the United States, job losses were spread across most industry groups, though there were especially large declines in manufacturing and services. In Canada, the number of manufacturing jobs, particularly in computer and electronic products manufacturing, also fell significantly, though they have been declining steadily since the start of the year. Air transportation employment also fell slightly, partly due to the events of Sept. 11, but also as a continuation of a longer-term downward trend in that industry.
But can Canada expect its job market to remain steady, or are there harder times ahead? According to the Globe and Mail, the figures from Statistics Canada have not convinced analysts that things will get worse before they get better. The good news is that economists don't expect a recession to last long.
Statistics Canada has released its monthly Labour Force Survey, available at www.statcan.ca. The unemployment rate increased slightly (0.1 percentage point) from 7.2 per cent in August and September to 7.3 per cent in October.
In contrast, the unemployment rate in the U.S. is soaring. In October, it rose to a five-year high of 5.4 per cent. That was an increase of 0.5 percentage point. More statistics are available from the U.S. Labour department’s Web site at www.dol.gov.
In the United States, job losses were spread across most industry groups, though there were especially large declines in manufacturing and services. In Canada, the number of manufacturing jobs, particularly in computer and electronic products manufacturing, also fell significantly, though they have been declining steadily since the start of the year. Air transportation employment also fell slightly, partly due to the events of Sept. 11, but also as a continuation of a longer-term downward trend in that industry.
But can Canada expect its job market to remain steady, or are there harder times ahead? According to the Globe and Mail, the figures from Statistics Canada have not convinced analysts that things will get worse before they get better. The good news is that economists don't expect a recession to last long.
