Sunday, January 11, 2009

St. John's Unemployment Rate Down Compared to Rest of Country

As of December, 2008, here's how Canada's unemployment levels are looking: (see table of provincial unemployment rates below)

Nationally, there is a .3 % increase in unemployment from November to December. Interestingly, only two provinces did not have higher unemployment rates, New Brunswick, and, Newfoundland and Labrador - NL's rate stayed the same at 13.7 % over the same period. Of the 27 cities on this map across Canada, there were several that had lower unemployment rates from Nov. - Dec. St. John's had the largest decrease in unemployment, from 7.6% in Nov., to 7.2% in Dec.

The only province to have a decrease, New Brunswick, went from 8.7 % - 8.6%.

PEI had a leap in unemployment from 10.7 - 11.8%, the highest provincial unemployment increase in the nation.

Auto industry dependent Windsor maintained a 10.1% over the same two month period.

From Finance Minister Jim Flaherty's prediction, 2009 is not looking good for job stability. The depression in the auto industry could cause many more swells in unemployment, particularly in Ontario. Windsor Mayor Eddie Francis is quoted in December as saying that 1 automotive industry job generates 7.5 indirect jobs, and warns that the staggering impact could usher in a dying process for the city of 218,000.

The public has yet to see what Prime Minister Harper's government will propose regarding an economic stimulus package, but generally speaking Flaherty did say tax cuts would be included, to give consumers more spending money. The economic plan would also have
"measures to free up credit, including for car loans, to put unemployed Canadians to work on infrastructure programs or into job training programs.."

Actually a few nights ago, three economists were interviewed by CBC's Peter Mansbridge. One of them from one of the major banks, possibly RBC, suggested that not only could there be tax cuts, but it could be retroactive. That sure sounded interesting. However, in a search of some major online Canadian media sites Friday, this blogger was unable to find any follow up mention of that reference.

2009 is shaping up to be a particularly interesting year to follow economic indicators like unemployment, since we are in recession. So the numbers are expected to reflect much of the unfolding story. Anyway, for the record as of December, 2008, here's how Canada's unemployment rates looked:

Canada's Unemployment Statistics Dec., 2008 (%)
PlaceNovemberDecemberRate of change
NL13.713.7no change

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