Payroll Employment Millions  160  Monthly  -9.9 million  150  Jan. 2021  140  -8.7 million  130  2007  2008  2009  2010  2011  2012  2013  2014  2015  2016  2017  2018  2019  2020  Note: Red arrows indicate the peak-to-trough change in employment during the Great Recession and the decline in employment from February 2020 to January 2021.
But, just as clearly, new competition from China and other emerging Asian economies is posing some tough challenges for Canadian manufacturers. Global integration has also been affecting international savings and investment flows. Indeed, in the past dozen or so years, what is sometimes called "financial openness" has increased significantly.