TORONTO, Sept. 18 /CNW/ - The loonie's jump today to over 98 cents
following an interest rate cut by the U.S. Federal Reserve Board is troubling
news for manufacturing workers across the country.
This increase will further erode the Canadian manufacturing sector,
according to CAW President Buzz Hargrove. "The Bank of Canada and the Federal
Government must not sit idly by while our manufacturing sector is hollowed out
and tens of thousands or more jobs are lost," said Hargrove.
"In the last five years alone over 300,000 manufacturing jobs have
disappeared. How many more businesses will be destroyed and how many more
people have to be put out of work before this government will act
CAW Economist Jim Stanford called on the Bank of Canada to match even
exceed the half point interest rate cut by the U.S. Federal Reserve. "Lower
U.S. interest rates will stimulate their economy, but we'll forfeit any
benefit for Canada if we allow the dollar to continue rising.
"The U.S. Fed is taking the broader view, recognizing that central
bankers have responsibility for the whole economy, not just inflation. It's
time the Bank of Canada took a similarly broad view."
For further information:
For further information: call CAW Communications, Shannon Devine, (cell)