The unemployment rate surged to 8.1 percent, from 7.6 percent in January, its highest level in a quarter-century. In key industries — manufacturing, financial services and retail — layoffs have accelerated so quickly in recent months as to suggest that many companies are abandoning whole areas of business.
“These jobs aren’t coming back,” said John E. Silvia, chief economist at Wachovia in Charlotte, N.C. “A lot of production either isn’t going to happen at all, or it’s going to happen somewhere other than the United States. There are going to be fewer stores, fewer factories, fewer financial services operations. Firms are making strategic decisions that they don’t want to be in their businesses.”
http://www.nytimes.com/2009/03/07/business/economy/07jobs.html?ref=business
And our Prime Minister Harper is telling us that we will be all right when things get back to "normal" in the United States.......
Perhaps he'd do better take this recession seriously, instead of utilizing it for his re-election hopes.
Stumble It!