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Tough economic news everywhere

Ouch:

Canada lost 34,400 jobs in December, a figure that was worse than economists had been expecting, as the economy weakened…With the decline in employment, the jobless rate rose by 0.3 percentage points to hit 6.6 per cent, the highest since January 2006.

And if you think it’s bad here, here’s ouch squared:

Mired in recession, the United States economy shed 524,000 jobs in December, pushing overall job losses for 2008 to 2.6 million. That’s basically the worst case scenario of many economists; they had projected job losses for December ranging anywhere from 475,000 to 525,000. The unemployment rate in the U.S. jumped to 7.2 per cent, the Labour Department reported Friday. The loss of 2.6 million jobs for the full year was the most since 1945.

In reaction to the latter figures, An interesting opinion from one of the blogwriters at Daily Kos, on what the US numbers mean:

Just a hint to those planning economic stimulus: a one time payment isn’t going to get people to spend. A tax cut isn’t going to get people to spend. Not when conditions are like this. Good jobs and job security — that’s what will get people to spend.

He may be right – the problem is getting back to where good jobs and good security are available again. His inference is though that its going to take more then one economic stimulus plan to get the economy back on track. It also suggests that leaders need to be very bold and aggressive with a stimulus package when they announce it – some advice that hopefully our Finance Minister up here will take to heart, which some observers aren’t sure he’s doing, or capable of doing.

2 comments to Tough economic news everywhere

  • Jay

    I lost two jobs in the last year due to the recession that wasn’t occurring according to Stevie “economist” Harper. The first was my job at a non-profit because donations are always the first thing cut by corporations, not to mention government grant cuts. The second was a revolving contract that stopped revolving in November. Lucky I sold my home last June (I saw what was coming though Stevie didn’t).

    But hey the fundamentals are strong, I am eating some right now.

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