Business Financial News : Dec. 9th, 2008
More job losses expected in battered manufacturing sector
By John Valorzi, THE CANADIAN PRESS
Canada's battered manufacturing sector shed 38,000 jobs last month and has lost nearly 400,000 factory jobs since an employment peak in 2002 - a trend expected to intensify over the next year as the North American economic slump deepens and demand for everything from auto parts to newsprint dries up.
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Bank of Canada chops key interest rate to 50-year low
VICTORIA, B.C.
With record job losses being felt across Canada, the country's trade ministers announced Friday an agreement that ensures labour mobility across the country in the new year.
More job losses expected in battered manufacturing sector
By John Valorzi, THE CANADIAN PRESS
Canada's battered manufacturing sector shed 38,000 jobs last month and has lost nearly 400,000 factory jobs since an employment peak in 2002 - a trend expected to intensify over the next year as the North American economic slump deepens and demand for everything from auto parts to newsprint dries up.
Read More
Bank of Canada chops key interest rate to 50-year low
The Bank of Canada slashed a key interest rate by three-quarters of a percentage point Tuesday as the central bank moved to combat major economic weakness.
With the interest rate reduction — the biggest drop since one of a similar size in October 2001— the bank's overnight rate now stands at 1.5 per cent, a level not seen since 1958.
"While Canada's economy evolved largely as expected during the summer and early autumn, it is now entering a recession as a result of the weakness in global economic activity," the bank said.
Read MoreVICTORIA, B.C.
With record job losses being felt across Canada, the country's trade ministers announced Friday an agreement that ensures labour mobility across the country in the new year.
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