Posted AT 7:45 PM EDT on 16/06/08
Canada's productivity numbers reveal a real structural weakness
Never mind repeated assurances from Finance Minister Jim Flaherty that our “fundamentals” are healthy. In fact, there's mounting evidence that our economy is stuck in deep mud. Canada is now preceding the United States into recession. Unemployment is growing. Full-time employment is falling. And we're headed for our first non-petroleum trade deficit since 1975 (totalling $3-billion, seasonally adjusted, from January to April alone).
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