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11-010-XIB
Canadian Economic Observer
November 2004

Economic Events in October

Canada

The Bank of Canada raised its overnight rate by a quarter point to 2.5%.

The federal government increased its equalization payments to the provinces by $2 billion to $10.8 billion.

About 25,000 employees at the Canada Revenue Agency returned to work after a contract settlement. Another 90,000 federal workers ended a 3-day strike pending a tentative agreement.

Bombardier announced the layoff of 2,000 workers, mostly in the Montreal area, due to weak demand for regional jets.

DaimlerChrysler revealed plans to add a shift and 900 jobs to meet demand.

BC cut its sales tax by half a percent to 7%.

World

China raised its key interest rate to 5.58% from 5.31%, the first rise in nine years.

General Motors revealed plans to cut 12,000 jobs in Europe to lower costs by $500 million a year.

AT&T announced it will reduce its workforce by 20% and take an $11.4 billion writedown on assets in the third quarter.



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