Global crisis: Job Loses in North America

Recently released data as of the end of November reveals dramatic decline in employment in North American countries. Canada lost 71,000 jobs in November according to Statistics Canada. In this country such loss of employment has been the steepest since June 1982, when the country was in recession. In the United States, the Bureau of Labor Statistics reported a loss of 533,000 jobs in November. This is the largest job loss in a single month in the United States since December 1974 when that country was towards the end of a severe recession. Mexico lost 67,910 jobs in November as informed by the Mexican Institute of Social Security (IMSS). The job loss in Mexico has affected both permanent and temporary workers in all sectors of economic activity.
These figures have surprised experts as they are larger than predicted and has urged policy makers to take actions to face this situation. Canadians economist expects Canada’s Central Bank (Bank of Canada) to continue lowering borrowing costs in an effort to encourage spending. In the United States president-elect Barak Obama invoked public spending to reactivate the economy. The goal of such spending is to generate 2.5 million jobs over the next two years.
Experts are skeptics of the benefits any actions taken to reverse the trends in employment. As expected, economic growth for the region has been adjusted downwards for next year since the situation will not be likely to improve.