The Effects of September 11 on the Canadian Economy
While September 11 did cause a great loss of taxpayers money that went towards security there has also has been a big loss to tourism and as a consequence the hotel business in Canada has suffered.
Loss to Hotel Industry
The front headlines of many major news papers said the news loud and clear. Hotel group says it cut 500 jobs since the U.S. terror attacks, read the Associated Press. Hotel Chain Slashes Jobs in Wake of Terror Attack, read the Wall Street Journal. With the addition of these losses, the effects of an already declining economy and the collapse of Canada 3000 airline Canadian hotel managers began preparing themselves for the worst.
While the financial effects of last September's events were felt through out the hotel industry, they also created an unsteady job market for the thousands of staff at Canadian hotels.
As travel slowed down, occupancy rates started to diminish coast to coast, considerably changing the power in the job market. Almost a year ago it was an employee's market, with many jobs available and a great demand for good employees. Now, with occupancy rates dropping, positions were being cut, hours cut back and budgets shifted, leaving those who still have jobs thankful, stressed and overworked.
But just how badly did the events of September 11 affect employment and employees in Canada's hotels? Most probably better than you think .If you ask how are hotels coping, are they rebudgeting? , are they cutting back hours? , are they laying off people "The answer is all of the above.
Canada relies more heavily on trade then any other major economy. More than 43 percent of Canada's GDP depends on international trade which is greater than that of any other...