It’s a source of some homegrown pride that Canada had a better 2008 crisis than the United States.
The U.S. entered the Great Recession with a lower jobless rate — five per cent in January, according to the Bureau of Labor Statistics, compared with 5.8 per cent in Canada, according to Statistics Canada’s comparable measure of unemployment — but fortunes reversed in June, as the global financial system started to tremble.
Canada then enjoyed an extended run of stronger employment that lasted until the end of 2014, when oil prices collapsed, sending the economy tumbling towards a recession. The U.S. unemployment rate has mostly been lower ever since.
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