Canadian job losses to hit 100,000: Forecast

OTTAWA — Canada has fallen into a recession that is likely to result in about 100,000 lost jobs over the next few months, according to forecasting firm Global Insight.

In a forecast to be officially released Wednesday, Global Insight says the Canadian economy will suffer two consecutive quarters of negative growth — the technical definition of a recession — starting in the last three months of this year. And it won’t be a close call. Managing director Dale Orr says the October-December period will see the economy shrinking by 1.4 per cent on an annualized basis, with a further 1.2 per cent contraction in the first quarter of 2009. More..

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