Summing Up
The Canadian economy is no longer the darling of the G7, now that it is experiencing recessionary conditions;
To a large extent, the weakness is due to totally exogenous forces and out of the hands of Canadian policy makers, e.g. the stunning decline in all commodity prices ;
To a lesser extent, a relatively tight monetary policy combined with an overvalued exchange rates are well within in the purview of the policy makers.

On July 15th the BOC meets to set the bank rate. Upper most in their minds will be the 'atrocious' first quarter and, in particular, the weakness in the external sector, so vital to the health of the Canadian economy. A lot will be riding on that meeting. Stay tuned.
To avoid the technical measure of a recession, the economy needs to record increases of 0.2% and 0.3% in May and June, respectively---- a tall order given the performance to date. Analysts are whispering among themselves on the probability of a full recession by the end of the summer.

Until a few days ago, financial markets saw a cut in the central bank’s key rate, to 0.5 per cent from the current 0.75 per cent, as a 50/50 coin toss; most of the economists at the country’s six big banks believed a cut was likely. But after last Friday’s employment statistics for June, which showed a small decline in jobs in the month but suggested that the labour market continues to hold up quite well, traders aren’t so sure. Overnight index swaps, the key bond-market indicator of central-bank interest-rate expectations, were signalling by Friday afternoon that the market had trimmed its call to a 33-per-cent chance of a rate cut this week.

When the next recession comes, my balbi is ready to buy bank stocks. I remember BNS stocks was at $23/share at the lowest point, I didn't buy and now regret it. Also i am hoping the price of real estate cools down, I would like to buy a condo in downtown Toronto. Gotta get that M postal code son!

not just automotive, but any manufacturing jobs would be affected as well.

this is in ontario alone

WHAT ONTARIO HAS LOST

It’s estimated this province has lost almost 500,000 manufacturing jobs since 2002. Here’s just a few of the once iconic companies that have shuttered:

2015 — Unilever, makers of soup mixes, announced it will move its plant from Bramalea to Missouri in 2016 — 280 job losses.
2015 — Lear Corp. in Kitchener expected to close in 2016 — 155 jobs.
2014 — Kellogg’s closed its 75-year-old plant after 100 years in London, putting 500 out of work.
2014 — H.J. Heinz closed plant in Leamington after more than 100 years, leaving 740 factory workers and 350 migrant workers without jobs.
2014 — E.D. Smith, Seaforth, makers of salad dressing — 180 jobs.
2014 — Resolute Forest Products shuts mill in Iroquois Falls — 180 jobs.
2012 — Caterpillar in London closed its ElectroMotive Diesel plant — 560 job losses.
2011 — Siemens Hamilton — 550 jobs.
2011 — Navistar, Chatham — 1,000 jobs.
2011 — St. Thomas Ford Assembly Plant closes — 1,500 jobs.
2010 — GM transmission plant, Windsor — 500 job losses.
2010 — Xstrata Copper Timmins — 670 jobs.
2009 — Campbell Soup, Listowel, closes — 500 job losses.
2009 — John Deere moves from Welland to Mexico — 800 job losses.
2009 — Volvo Construction Equipment closes in Goderich — 500 job losses.
2009 — Daimler Heavy Truck in St. Thomas — 1,400 jobs lost.
2009 — W.C. Wood Co., appliance manufacturer, Guelph — 400 jobs.
2008 — Simmons Mattress in Brampton — 150 job losses.
2008 — CanGro canning plant in St. Davids closed after more than 100 years — 149 job losses.
2005 — Abitibi shuts Kenora Mill Operation — 390 jobs lost.


Sauce: http://www.torontosun.com/2015/07/13/uncertainty-puts-ontario-blue-collar-jobs-at-risk

yes it's toronto sun, stfu. i read it at mcdonalds this am.

FUCKIN' TORONTO! AM I RIGHT FELLAS!!!!!

And this is a surprise?

Oil industry collapse, retailers closing... nobody saw this coming?