Rise In National Economy May Take Longer Than Expected

The roller coaster ride that is Canada’s view of the state of its national economy continues to go through more ups and downs. The Synergy Merchant Blog continues to stay on top of this issue.

It was reported in “Brighter Economic Days On The Horizon” at the end of March, that Canadians were beginning to gain a sense of optimism when thinking about the future of the country’s financial climate.

Perhaps due in part to the fact that new job opportunities are opening up in Toronto, some surveys were indicating that companies were thinking more about hiring over the next few months than they were in months previous. This is not to say that companies were going to begin hiring any time soon. However, the idea that things were not as bad as what was once thought was becoming more popularity.

This week, however, The Canadian Press has reported that the director of The Conference Board of Canada, Pedro Antunes believes that unemployment rates will continue to increase throughout 2009 peaking at 9.5% by the middle of 2010. Referring to the monthly unemployment numbers as “dire”, Antunes estimates that the national economy suffered a 7% dip in the first three months of the year.

To incur the greatest amount of job losses, says Antunes, will be the manufacturing and construction sectors, predominantly in Alberta and Ontario.

Unfortunately, the outlook for Canada’s economic crisis isn’t as bright as what was previously perceived. Nevertheless, Synergy Merchant Services continues to work side by side with Canadian businesses in an effort to help for growth and prosperity.

Hope, of course, is not lost. The economy will begin to grow again. At this time, working hard and thinking positively is likely the best advice for all Canadians.

Who really knows what’s around the next corner on this roller coaster ride of ours?