From WTOP.com: Canadian bankruptcies soar 47 percent.
he number of Canadian consumers and businesses going bankrupt soared nearly 47 percent in December.
The Office of the Superintendent of Bankruptcy said Monday 8,299 individuals and businesses went bankrupt in December, up from 5,659 for December, 2007, a jump of 46.7 percent.
The latest numbers are a staggering sign of how quickly the Canadian economy has slowed.
The financial crisis and the global sell-off of commodities have hit the country hard since the summer. The country lost a record 129,000 jobs last month and central bank is predicting economic output will contract 4.8 percent in the first quarter.
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