What the economic crisis means for HR

Job growth will slow and salary increases will be closer to inflation: Conference Board
By Shannon Klie
|Canadian HR Reporter|Last Updated: 01/27/2009

Stock markets around the world have been swinging wildly up and down over the past month as big investment banks in the United States have declared bankruptcy or accepted buyouts to stave off financial failure. Wild markets, record percentage losses on the Toronto Stock Exchange and the shedding of 159,000 U.S. jobs in September have left many wondering if Canada is heading for a U.S.-style collapse.

“The domestic Canadian economy will slow but we don’t think it will collapse in the way the U.S. economy has,” said James Marple, an economist with TD Bank in Toronto.

This is because, financially, Canadian households and businesses are better off than their American counterparts, he said.