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OTTAWA -- The Canadian economy likely lost jobs at a dizzying pace in June, pushing the unemployment rate to an 11-year high, despite signs of economic stabilization, analysts said on Wednesday.
The median forecast in a Reuters survey was for a net loss of 35,000 jobs last month and a rise in the unemployment rate to 8.7% from 8.4% in May, the highest since January 1998.
There are small signs, however, that the economy`s downward slide is slowing but the labour market is unlikely to show signs of improvement until the fourth quarter of this year or early 2010, economists predict.
"We`re obviously not in the `green shoots` camp. The labour market is going to be the last of the indicators to show some upside, even if you are seeing activity elsewhere," said Charmaine Buskas, senior economics strategist at TD Securities, of her bank`s forecast for 50,000 jobs lost in June.
Read the full article here.
The median forecast in a Reuters survey was for a net loss of 35,000 jobs last month and a rise in the unemployment rate to 8.7% from 8.4% in May, the highest since January 1998.
There are small signs, however, that the economy`s downward slide is slowing but the labour market is unlikely to show signs of improvement until the fourth quarter of this year or early 2010, economists predict.
"We`re obviously not in the `green shoots` camp. The labour market is going to be the last of the indicators to show some upside, even if you are seeing activity elsewhere," said Charmaine Buskas, senior economics strategist at TD Securities, of her bank`s forecast for 50,000 jobs lost in June.
Read the full article here.