TORONTO - TD Bank economists have issued a bleak forecast on Canada's worsening labour market, predicting job losses totalling 325,000 this year.
They predict the national unemployment rate will rise to 8.8 per cent by the end of the year from the current 6.6 per cent.
The TD report says almost all sectors will suffer workforce cutbacks, led by manufacturing and other goods-producing industries.
Even the strong services sector is expected to feel the pinch as Canadians cut back on consumption.
In a separate report, the Conference Board of Canada says the global recession will be deep and prolonged.
