Budget watchdog expects higher unemployment (Canada)

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Source: CBC News

The parliamentary budget officer expects growth in Canada's economy will slow, and unemployment will spread in the next few quarters.

In his latest economic outlook, Kevin Page says he expects Canada's unemployment rate will jump to eight per cent this year and next. That's ahead of the 7.1 per cent level it's currently at.

It's also higher than the 7.8 per cent level he expected it to be at as recently as May.

The budget watchdog expects the jobless rate to inch higher because of a general slowdown in the economy. He expects GDP will expand by only 1.5 per cent next year and 2.1 per cent in 2013. That 1.5 figure is significantly below the 2.2 per cent level he was expecting at his last update in May. At that time, he was expecting 2.3 per cent growth in 2013.

Read more: http://www.cbc.ca/news/canada/story/2011/11/01/pbo-report-economy.html

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Sorry, unemployed Americans, don't sneak across the border and take a job from a Canadian! :sarcasm: