Jobless rate at eight per cent in December and will continue to rise into the summer
The Canadian unemployment rate is at its highest in three years. It was 8 per cent in December, up sharply from November’s 7.5 per cent. Analysts say the high rate reflects our weak economy.
About 1.3 million Canadians were out of work in December; 18,000 jobs were removed from the economy last month.
Employers have been making significant job reductions during the past few months, the most recent being Ford’s announcement that it will eliminate nearly 2,000 jobs. Another 5,000 may be about to go, at a parts company that supplies Ford.
Analysts predict Canada’s job rate will increase to 8.5 per cent by the summer. They predict the U.S. economy will hit the 7 per cent unemployment mark by the same time.
About 1.3 million Canadians were out of work in December; 18,000 jobs were removed from the economy last month.
Employers have been making significant job reductions during the past few months, the most recent being Ford’s announcement that it will eliminate nearly 2,000 jobs. Another 5,000 may be about to go, at a parts company that supplies Ford.
Analysts predict Canada’s job rate will increase to 8.5 per cent by the summer. They predict the U.S. economy will hit the 7 per cent unemployment mark by the same time.
