Unemployment rate surges to 5.9%.
A devastating jobs report reveals significant problems with the Canadian economy, feeding into a growing perception that a serious economic downturn is near.
The economy lost a whopping 71,000 jobs, the worst since 2009 – when Canada was only beginning to emerge from the global economic crisis.
The economy lost 38,400 full-time jobs, and 32,800 part-time jobs.
There were no bright spots whatsoever in the report, with sectors losing jobs across the board.
Manufacturing jobs fell by 27,500, resources sector jobs fell by 6,500, and 44,400 services sector jobs were lost.
The devastating report comes in the wake of the Bank of Canada holding interests rates steady. The Bank had claimed that a resilient domestic economy factored into their decision not to lower rates, but that claim is now in serious question following the horrendous jobs numbers.
Additionally, the unemployment rate surged from 5.5 to 5.9.
Canada’s economy is clearly in serious trouble, and even the establishment press is losing the ability to hide it from the Canadian People. Debt worries are surging, job numbers are terrible, investment is fleeing, and a rising tax burden takes more and more money out of people’s pockets.
Spencer Fernando
Photo – Twitter