Although it was anticipated that there would be significant job losses in January, no one predicted that 129,000 people would lose their jobs in that month alone. This was the worst month in 3 decades pushing the unemployment rate to 7.2%. The job losses were 3 times more than predicted. If you're brave enough, read the January 2009 Labour Force Survey.
This comes on the heals of a Financial Post article suggesting that employers were looking to other measures, short of termination, to weather the economic storm. According to the article:
Again, no one anticipated the January numbers.
What can you say? The fact is that these are not just "numbers". Behind them are people and families thrown into complete chaos and uncertainty in a job market that is getting worse and worse by the month.
This comes on the heals of a Financial Post article suggesting that employers were looking to other measures, short of termination, to weather the economic storm. According to the article:
"As of January, 41% of companies had imposed or were contemplating salary freezes and 74% were enacting hiring freezes, a survey of 246 Canadian firms by professional-services firm Towers Perrin showed. Also, 79% planned to cut spending on travel and entertainment, while 70% would reduce spending on employee events and 49% would cut staff training costs. Only 7% had made significant reductions to employment, although 18% were considering layoffs."
As expert interviewed anticipated that employment to fall by "35,000 positions in January and the unemployment rate to have ticked up to 6.7% from 6.6% when Statistics Canada releases the latest workforce data on Friday."Again, no one anticipated the January numbers.
What can you say? The fact is that these are not just "numbers". Behind them are people and families thrown into complete chaos and uncertainty in a job market that is getting worse and worse by the month.
