Monday, April 06, 2009

More On The "Mild Recession"

The Conference Board Of Canada talks down the Canadian economy. Tsk, tsk:
Conference Board issues grim outlook

Canadian economy will shrink more than it previously thought, says the Ottawa-based think tank

CALGARY — The Conference Board of Canada laid out a grim outlook for employment in 2009 and 2010 on Monday, saying the Canadian economy “fell off a cliff” in the first three months of this year.

Pedro Antunes, the board's director of national and provincial forecasts, told a Calgary conference Monday that unemployment will steadily rise this year and peak at 9.5 per cent in the middle of 2010.

The Ottawa-based think tank estimates Canada's economy shrank by 7 per cent in the first quarter, Mr. Antunes told reporters.


janfromthebruce said...

And the unemployment numbers now and predicted for the future hide the true number of recent and future unemployed, as only those who qualify for EI will be a statistic. So comparing these numbers with previous numbers from the recessions of the early 90s and 80s will be meaningless, due to the changes liberals made in the late 90s to qualifying for EI benefits. Nice trick but "seeing is believing" and as the ranks of the unemployed swell, ducking and weaving, will not work.

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