Employment for November Much Worse
Friday Stats Canada announced the monthly Labor Force Survey and the numbers were much worse than expected.
Ontario saw the biggest increase in unemployed folks with over 60,000 folks losing their jobs in October (I think I am in that number). The number of jobs created was not much to counteract the steep drop, and if the stories from the Auto Sector are true, this number could be staggeringly larger very soon, if things do not change.
Unemployment Graph
Unemployment now is effectively 6.3% (up 0.1% last month), not a good sign of things to come.
The manufacturing sector was hard hit in November, with a net employment drop of 38,000. This brings manufacturing declines to 388,000 since the peak in 2002. In Ontario, the employment declines in this sector totalled 42,000 in November.
Advent Financial Calendar Box Day 9
Today’s box contains a scroll of some sort, you unravel it and see that it is a Diploma with your child’s name on it. Time to start thinking about your child’s higher education now, when the task is not as daunting. If you haven’t started an RESP no time like the present, and best done before the end of the year, to maximize your grant possibilities. Talk to your bank or financial planner about what needs to be set up, but Education is the best gift you can give your child, and making sure they can go to University (if they wish), is something to start thinking about right now.
Read my postings about the high cost of University Education if you think this won’t be a big expense.
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December 8th, 2008 at 4:22 AM
As David Schweickart said, “Capitalism cannot be a full-employment economy, except in the very short term.”
December 8th, 2008 at 4:52 PM
That’s pretty nasty news. The peaks and valleys of the economy can be pretty excrutiating.
Monty Loree’s last blog post..2009 will be more about investing & increasing asset values at CMA
December 9th, 2008 at 12:21 PM
I always enjoy reading about the finances from our brothers to the north. I just wish our government would get back on track like yours has, with a balanced budget and little to no debt. Those were the days for us.