Monday, April 15, 2013

Canadians losing faith in "miracle economy"

Factory worker Nelson Claros has little time for talk of the Canadian economic miracle.

The 50-year-old was laid off last year from his job of 22 years at a bus-assembly plant northwest of Toronto, and has since applied for 130 jobs. His best offer: A job at $12 an hour, half his previous wage and not enough to pay his bills.

"Really there is a recession right now. They don't call it a recession, but the companies are closing, there are a lot of layoffs. How can this be a miracle economy?" he asked.

It wasn't supposed to be like this. Canada's recovery from a mild 2008-09 recession was quick and job-filled, and the country added nearly 900,000 jobs to take the jobless rate to 7.2 percent from 8.7 percent at the depths of the downturn.

http://www.reuters.com/article/2013/04/15/us-economy-canada-analysis-idUSBRE93E05P20130415