Saturday, December 6, 2008

Canada job losses in November hit record

OTTAWA, Dec. 5 (Chinese media) -- The Canadian economy lost 71,000 jobs in November, registering the worst monthly loss since 1982 for the country, Statistics Canada reported Friday.

The unemployment rate now has been pushed to 6.3 percent.

A majority of the losses were recorded in Ontario province, where the manufacturing sector has been hard hit. A total of 66,000 jobs were lost in the province, the agency said.

The news reinforced expectations that the Bank of Canada will cut interest rates on Tuesday by at least half a percentage point to stimulate the economy.

The November statistics cut into the total number of jobs created so far in Canada this year. The accumulated gain is at 133,000, well below last year's 361,000 numbers for the first 11 months.

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