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There was a mild recession in GDP in mid-1980, but employment did not decline, as gains in Alberta and BC offset declines in central Canada.
Quarterly GDP is a chain Fisher index, while monthly GDP is a constant 2002 dollar Laspeyres index (the monthly chain Fisher index is available only from 1997).
For example, see Walter Oi, “Labor as a Quasi-Fixed Factor.” Journal of Political Economy, Vol. 70, No. 6, Dec, 1962.
C. Scott Clark, “Labor Hoarding in Durable Goods Industries.” American Economic Review, Vol. 6, No. 5 (Dec. 1973).
See John Baldwin and Wulong Gu, “Long-term Productivity Growth in Canada and the United-States” in The Canadian Productivity Review, Catalogue Number 15-2062007013. Ottawa: Statistics Canada.
Quoted by Jon Hilsenrath and Brian Blackstone, “Behind Grim Jobs Data, a Potentially Hopeful Sign.” Wall Street Journal, January 13, 2009.
