Recent rounds of job cuts by major corporations suggest it's Canada's turn to experience some economic pain, a prominent economist said Tuesday.
"We've been a bit of an oasis in the global economy," Patricia Croft, chief economist at the investment bank Phillips, Hager and North, told CTV's Canada AM.
"We've been protected (from) many of the trends we're seeing in countries like the U.K., Spain, the United States and Ireland. We've been protected by the high price of energy, but now unfortunately, it's our turn."
Earlier this month, Statistics Canada reported an unemployment rate of 6.2 per cent. Most of the 39,000 jobs lost were based in Ontario, where high energy costs and a high Canadian dollar continue to take a toll on competitiveness in the manufacturing sector there.
"Canada actually shed jobs (in June)," Croft said, adding, "I think we can expect more of the same."
On Monday, Bell Canada Enterprises announced it would be shedding 2,500 jobs, and Air Canada flight attendants protested a company move to eliminate 600 of their jobs.
Croft said the job loss looks to be broad-based. For example, construction jobs actually declined in June -- the first time that has happened in two years.
"Housing markets are cooling across Canada," she said.
The high dollar is hurting tourism, high food and energy prices shake consumer confidence, and of course, corporations are restructuring, she said.
There's also a regional story: Ontario's unemployment rate is 6.7 per cent, which is above the national average.
However, in energy-rich Alberta, the employment to population ratio is at a record high, she said.
While Canada's economy is slowing, Croft said the country isn't in a recession.
"Canada's economy is a bastion of strength compared to what is happening globally," she said.
