The garbage strike and CNN's reports didn't help the tourist industry either ...
Toronto jobless rate hits 10%
Madhavi Acharya-Tom Yew
Business Reporter
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.
"Toronto is important for the tourism sector, and tourism has been hammered by this downturn. We rely on visitors from abroad and the strong currency isn't helping," said Doug Porter, deputy chief economist at BMO Capital Markets in Toronto.
"The weakness in construction, too, has weighed very heavily on Toronto."
James Morton
1100-5255 Yonge Street
Toronto, Ontario
M2N 6P4
416 225 2777
3 comments:
You must be bored. I know I am. BMO is an idjit, like Carney and FlatAire.
Don't forget to add Kenney's new required visas from Mexico to the list as it has contributed immensely to the drop in tourism.
True. But it's not only Toronto. As for the unemployment, whole Canada is in a bad state. In July, three times as many people as expected lost their jobs. It does not seem like the recession is actually over, now does it?
Lorne
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