While Canadian manufacturers have seen record layoffs this month, the industry is bracing itself for a darker future, according to a recent survey by the Canadian Manufacturers and Exporters association.
The survey found that 43% of manufacturers expect orders to decline further in the next three months, leading to further job losses in the industry. Forty-two per cent of companies surveyed expected employment levels to continue falling at least until April 2009.
"Losing 5% of the total manufacturing workforce in one month is a distressing record that underpins the severity of the crisis facing the industry," said CME President Jayson Myers.
Approximately 101,000 manufacturing jobs were lost in January due to the large decline in orders. The CME is calling for government to develop a long-term strategy to support a sector that is being hard hit with a rapidly declining economy coupled with a financial crisis freezing credit lines to business.