Economic conditions aren’t that great notes Martin Lapedus

Across the country, employment decreased by 129,000 jobs in January 2009, lowering Canada’s employment rate to 62.6 per cent from 63.1 per cent in December 2008. The labour force also fell in January, by 29,100 people, which resulted in Canada’s unemployment rate rising to 7.2 per cent.
For the 12-month period ending in January 2009, seasonally adjusted employment in Canada fell by 0.5 per cent (88,600 jobs). Nearly all of the decline was in full-time employment, with the manufacturing sector taking the most losses.
The Bank of Canada, like other major central banks, has cut its policy interest rates. The Bank of Canada has lowered the overnight rate to 1.0 per cent as of January 2009. The outlook for the global economy is uncertain and stabilization of the global financial system is a precondition for economic recovery.
The Consumer Price Index (CPI) increased by 1.1 per cent in January 2009 compared to the same month in 2008, down slightly from the 1.2 per cent increase recorded for the 12- month period ending in December 2008. On a seasonally adjusted monthly basis, consumer prices fell 0.1% from December to January.