Canada loses record 129,000 jobs in January
— Canada suffered its worst job losses in more than three decades in January as the recession forced employers to cut a record 129,000 workers and pushed the unemployment rate to 7.2% from 6.6% in December.
The report by Statistics Canada showed the biggest monthly downturn in employment since the federal agency began collecting the data in 1976. It also showed record job losses in the manufacturing sector.

"This drop in employment exceeds any monthly decline during the previous economic downturns of the 1980s and 1990s," Statscan said in its report.

"Shockingly poor number. Almost every component surprised to the downside, except for the unemployment rate, which was higher than expected," said Craig Wright, chief economist at the Royal Bank of Canada

"Everybody is prepared for a pretty weak first quarter, but these number are probably surprising the more bearish views," he said.

FIND MORE STORIES IN: BMO Capital Markets | Royal Bank of Canada | Craig Wright | Statistics Canada
Sal Guatieri, senior economist at BMO Capital Markets said he expects more grim numbers in coming months.

"Unfortunately we will see more job losses. This is the start of a wave of job losses that will likely extend through the first half of this year," he said.

The dramatic downturn, far worse than expected, affected full-time and part-time employees and was spread across the private and public sectors.

The monthly decline was the biggest since Statscan began using its current methodology in 1976 and single-handedly wipes out the job gains made in all of 2008. Job losses since October total 213,000.

The last time the unemployment rate hit 7.2% was in November 2004.

Analysts had forecast a job loss of 40,000 and an unemployment rate of 6.8%. Finance Minister Jim Flaherty had hinted on Thursday the report would be grim, saying the job numbers would be "very regrettable" and that there is a risk that Canada's recession would get much worse.

Manufacturing, highly sensitive to U.S. demand, was the worst hit in January. The sector lost just over 100,000 jobs due largely to troubles in the auto sector.

Copyright 2009 Reuters Limited.

oooooh, CANADA!!!!!

Its pretty GD depressing.

Hubby has worked at same job for 20 yrs...he has to go on EI till spring b/c of shortage of work...plus he has to PAY BACK a percentage of what he gets.
doesnt seem fair considering he's been paying into it for 30 plus yrs.

i hope things get better....for all of us.

I've been trying to look into a new job, but the pickings are slim around this city lately, even in entry-level jobs like retail or customer service.

I used to just up and leave a job if I didn't like it, but these days that'd be suicide. Even as is, I've got nothing on the work schedule for next week, shifts are getting so rare. I'll definitely be staying with this one until after I've found something new.

Man, I remember summer '06, wherein at one point I needed a job, and with less than an hour's looking I was hired on the spot. No hope in hell of something like that happening now.







On the bright side, guess I'll finally have some free time.

meow85 said:

It's tough, eh?

The whole country is suffering, but I understand the job markets on either coast are particularly bleak right now.

Lammastide said:

Jobs are being cut all over the place, and people who are still employed are much more reluctant to give up their jobs now, leaving fewer openings for other people looking for employment.

Lammastide said:

Weird. I haven't noticed a change in any way whatsoever. Nothing's changed for me. I just get cheaper gas, that's about it.

JustErin said:

I heard a guy on the CBC suggest that in some ways Ontario and Quebec are feeling the effects of the downturn significantly slower than elsewhere because we are bolstered by a large number of manufacturing, banking, realty and tech interests, which have been only more lately pinched. (He does warn we're about to feel their sharp declines soon, though. ) The other provinces and territories (with the exception of free-market oil giant Alberta) have already been suffering by mounting sluggishness in forestry, mining, farming, etc., I guess.

What are jobs like in Ottawa?
[Edited 2/10/09 23:41pm]

this sooo sux

JustErin said:

Yep same here.

Lammastide said:

I personally do not have any friends or family that have lost their jobs or even had changes within their jobs.

luv4u said:

Interesting. Erin and I both live in Ontario. You live in Alberta. And we all have personally not felt the effects of a recession yet. Meow in B.C. has, though. It sort of gives credence to the analyst I heard on the CBC.

I only hope he's wrong in his forecast that things will get quickly much worse for all of the country.
[Edited 2/11/09 8:09am]

This is a perfect time for Canada to quit. Like, being a country, you know?

Lammastide said:

It might have a lot to do with the job sector we are in. Meow is (or was) in customer service I believe. I'm not.

JustErin said:

And customer service is usually the last affected because it doesn't tie in in any direct way with farming, forestry, mining, fisheries, and the like. That it's trickled down to the point where even jobs in my line of work are getting scarce is not a reassurring thing.

meow85 said:

It'd be interesting to know how your job sector is doing in, say, Ontario. I wonder if, in fact, it's any better here or pretty much the same.

Lammastide said:

It really would.

Even though it's Oscar season (my current gig is at a movie theatre) and the place should be busy, everyone's hours have been cut to save the company money. I have a big fat zero shifts coming up next week.

meow85 said:

That SUCKS. I hope things get better for you.

JerseyKRS said:

Canada is a country?? who knew...

Lammastide said:

I hope so. I'm keeping the job for now but first chance I get I'm going to look for something else. I can't live off a 0 dollar paycheque.