Over the past several months, there has been a lot of talk about the struggling economy and the many negative effects it has had on the Canadian population. The Synergy Merchant Services Blog, of course, has and continues to stay on top of this issue.
As discussed in previous blogs, the recession has provided quite the roller coaster ride for Canadians all over the country – not in the fun and exhilirating way, mind you. Evidence from both sides of the fence have poured in from media outlets since the beginning of the recession. The economy is improving one day, then it is getting worse the next. One never knows exactly what to believe.
Unfortunately, it would appear as if today marks one of those downturns in the less-than-enjoyable roller coaster ride that is Canada's financial crisis. As reported by Madhavi Acharya-Tom Yew on The Toronto Star's website, Toronto is seeing its worst unemployment rate in nearly fifteen years. Job losses one of the most impactful results of the recession has become an epidemic of sorts in Canada.
Acharya-Tom Yew writes that “the unemployment rate in the Greater Toronto Area hit the double-digits last month as a strong Canadian dollar and cool, wet weather took its toll on the tourism industry. The city's jobless rate reached 10 per cent last month – its highest level since November, 1994, according to the latest figures released by Statistics Canada today. That's up from 9.6 per cent for June.”
He goes on to note that these statistics put Toronto fourth on the list for having the highest unemployment rate in Ontario following Windsor, London and St. Catharines-Niagara.
Speaking to Doug Porter, deputy chief economist at BMO Capital Markets in Toronto, Acharya-Tom Yew was informed that the tourism sector in Toronto was among those industries taking the hardest hits. Construction businesses were also hit hard.
No one was hit harder, however, than students trying to earn money throughout the summer before going back to school. “The jobless rate for those trying to earn money during the summer break rose sharply to 20.9 per cent – that the highest level since StatsCan began keeping this data in 1977,” writes Acharya-Tom Yew.
At this point, Toronto along with the rest of Canada will be forced to wait for the recession roller coaster to ascend once again.