Canadian Manufacturers Say It’s Bad, But Not Horrible…Yet

In a new survey, Canadian manufacturers say the worsening economy has yet to hit bottom and will get worse in the months to come, according to the Canadian Press. The February survey of 620 companies found that more firms are expecting to lay off workers as orders for new business drop over the next few months.

Sixty percent of Canadian manufacturers and exporters, particularly smaller companies, are experiencing difficulty obtaining loans as a result of the global credit crunch. Fifty-six percent of respondents said new orders will likely decrease from now to May. This is a significant increase from the 43% who were pessimistic about business conditions in the January survey.

Forty-five percent said they expect to reduce their workforce, a slight increase from the previous month.