Effects Of Unemployment In Canada

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No End To Unemployment Crisis Tyrell Laurent HSB-4M1 February 20, 2012 Canada as we live in today is changing. Gone are the days where we could count our Healthcare, Government and Banking sectors. Government and business cuts, along with the American market crash of 2008, have affected Canada’s employment market. Due to these external forces, unemployment one of the biggest issues that Canada faces today. Due to budget cuts in government and business sectors unemployment is an issue that Canada faces today. According to Jim Stanford's Labour market exodus and other unhappy math Canadian Centre for Policy Alternatives "the official unemployment rate fell from 7.9% to 7.6% in November 2010.1 A 0.3% drop in the rate of unemployment is…show more content…
One of the sectors where Canadians are still feeling the pressure is employment. The U.S stock market crash has been important for many reasons, the most important between them being the damage on wealth. Estimates differ on exactly how much citizens, corporations lost, but most figures are around the tens of trillions mark. These losses have not only been “colossal, but by dropping the worth of investments, they've made an increased risk and higher borrowing costs for businesses, which will affect their profit margins and ability to hire and keep employees for future years” (eHow.com, p. 1). The American market crash is being felt worldwide. Look at Greece for example. Their economy is on the verge of destruction. European markets are suffering significantly and all are scrambling to help bail out other nations. Why? If one market crashes it creates a ripple affect, thus effecting Canadians in greater numbers than her current situation. Despite Canada's struggle to regain it's footing economically, Mary Jones claims in her Globe and Mail article that "the Canadian economy has, no doubt, recovered majority of the jobs lost during recession, but the job growth in the nation is still a far cry considering the underlying employment market weaknesses" (Jones, M. p. 1). In addition, Sonya Gulati and Derek Burleton, economists with TD Bank, maintain that the past year had been a good year in terms of job growth in Canada, but, not the best year. And this is especially true for the Canadian provinces of Alberta, Ontario, New Brunswick and Nova Scotia where the employment growth is a still to reach the pre-recession levels (Jones, M. p. 1). Moreover, the employment participation rate for the workers has not reached the peak levels before the onset of the

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