March 6, 2009 9:51 a.m.
The U.S. Bureau of Labour Statistics has released the latest unemployment numbers. The unemployment rate has risen to 8.1 % the highest rate since 1983. In the light of current trends it is quite likely that the national rate will rise to greater than 10 % in the months ahead before beginning to fall some time in late 2009 or early 2010. One can also expect that the Canadian rate will rise in the months to come although perhaps not as severely as the U.S. rate, but certainly well above what has been projected by the Department of Finance in their original fall projections. The still relatively healthy financial sector in Canada remain a saving grace, at least for the present although manufacturing is hard hit.
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