MetroVanIndependent.com
June 2015
3
News
Canada's economy
posted a decline
Continued from page 1
>>
The official policy limiting temporary
foreign workers to only four years,
while severely affecting the Philippines as
a source country for labor, will also have an
impact on Canadian provinces with acute
labor shortages, economist noted.
The largest employer, also severely
affected by the negative economic
performance, is the retail sector, employing
almost 12% of Canadians, a CIA fact
book noted. The retail industry is mainly
concentrated in a small number of chain
stores clustered together in shopping
malls. In recent years, there has been an
increase in the number of big-box stores,
such as Wal-Mart and Best Buy. But
closures of stores such as Future Shop,
Target and several others have impacted
employment in the service sector with
Alberta topping the list.
The second largest portion of the
service sector is the business services,
e mploying only a slightly smalle r
percentage of the population. This includes
the financial services, real estate, and
communications industries
In terms of international trade, the value
of exports to the United States decreased
for a second straight quarter, down
$3.7 billion following a $2.2 billion decline
in the fourth quarter of 2014. Moderating
this decrease were lower imports from the
United States. Declines for both exports
and imports were led by crude petroleum.
Goods traded with non-US countries
produced a similar downward change in the
balance. The deficit widened by $2.7 billion
to $13.3 billion, mainly on higher imports.
The trade deficit with China expanded by (