More job losses to come

Finance Minister predicts unemployment levels will continue to increase into 2010

Following meetings with finance ministers from Central and South America, and the Caribbean, Canadian Minister Jim Flaherty said that he anticipates unemployment levels in Canada to further increase into 2010. He remains optimistic, however, that a small economic recovery will occur before the job market improves. “The discussion is more about how strong will the recovery be, and the anticipation is that the recovery will be modest,” Flaherty said. Roughly 363,000 jobs have been lost in the period of November 2008 to June 1, 2009. The unemployment rate for May stood at 8.4 per cent.

Financial Post

Looking for more?

Get the Best of Maclean's sent straight to your inbox. Sign up for news, commentary and analysis.