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Canada lost 129,000 jobs last month

February 08, 2009, 12:03 AM Post Comments
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Canada lost 129,000 jobs last month as the unemployment rate surged more than half a point to 7.2 percent.

It marks the worst monthly employment drop in at least three decades. Canada's previous two recessions in the 1980s and 1990s never had as bad a month.

Statistics Canada reported Friday that Canada has lost 213,000 jobs since October. That wipes out a year's gains.

The credit crisis and the global sell-off of commodities have started to hit Canada hard. The central bank is predicting economic output will contract 4.8 percent in the first quarter.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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