The shaky economy strikes back

Sonya Khanna

Business Editor 

With the global economy teetering on the brink of presumed destruction, economic turmoil continues to be the hot topic.

avoid the threat of an underperforming Canadian economy. According to a survey of national unemployment figures by Statistics Canada, the Canadian economy lost 72,000 full time jobs in October.

“Focusing a national strategy that both aims to create  obs, including through public investments, and improve the quality of existing jobs is something that all governments in Canada can do, right now, to put our economy on a more secure footing,” Lewenza said.

Lewenza believes inadequate reform by governments has hindered the ability to resolve the issue of unemployment, and has indicated that further action must be implemented by the Harper government to organize a national good jobs summit, including representatives of labour, business and government.

Lewenza notes that a shaky global economy has stirred economic woes worldwide and Canada has certainly taken a beating from the brute force of instability in the economy; however, the Euro crisis cannot be blamed for all of Canada’s problems. According to Statistics Canada, the labour market in Canada is far more unstable than it was prior to the 2008 recession.

“Canadian politicians must stop using the economic problems of other nations to justify inaction here at home,” Lewenza said. “Certainly, Canada is not sheltered from international economic storms, but that doesn’t mean we should sit back and do nothing to avoid another economic crisis in the meantime. Stronger job market performance is a good place to start.”

The bulk of employment losses in Canada were evident in the manufacturing sector, with 48,000 jobs lost in October alone, adding to the 24,000 jobs lost in September. Evidence of unemployment in the goods-producing sector is generally a red flag for the economy as the manufacturing sector order viagra stands firmly as the foundation of the Canadian economy.

“When we see such huge job losses in these areas, it’s a clear sign of a faltering economy and worse yet to come,” said Lewenza. “It’s time to re-envision the economy and what kinds of employment we want to be creating for the future.”

Further data indicated increasingly sluggish growth toward the end of the year, with building permits in September plummeting as well as dwindling purchasing activity in October.