Finance news

OTTAWA–A new study says Canada lost nearly 322,000 manufacturing jobs from 2004 to 2008, or more than one in seven.

Statistics Canada reports more than 1.5 million jobs were created in the rest of the economy during the same period.

The agency says the share of manufacturing jobs in the economy fell to 11.5 per cent in 2008 from 14.4 per cent in 2004.

The reports says employment has fallen in almost all manufacturing industries since 2004, with only a few reporting increases – notably manufacturing of transportation equipment (excluding motor vehicles and parts), petroleum and coal products, and computer and electronic products.

Almost half the jobs in textiles and clothing, long one of the largest manufacturing employers in the country, disappeared empire payday loans.

The automotive industry was also hit hard, with one in five motor vehicle and more than one in four motor vehicle parts manufacturing jobs lost from 2004 to 2008.

Ontario was hit hardest of the provinces, losing 198,600 or 18.1 per cent of manufacturing jobs.

Newfoundland and Labrador, New Brunswick, Quebec, British Columbia and Nova Scotia also lost more than 10 per cent.

StatsCan says the trends are not unique to Canada, with manufacturing declining in most Organization for Economic Co-operation and Development countries.

The Canadian Press

Source