By CBC News
For many Torontonians, the economic recession hasn't lifted and might even be getting worse, according to a Toronto Dominion Bank report.
For many Torontonians, the economic recession hasn't lifted and might even be getting worse, according to a Toronto Dominion Bank report released Friday.
The bank found that while the city's economy helped the rest of the country cope with the recession - one in eight jobs in Canada is located in Toronto - an increasing number of people are turning to social assistance as jobless rate climbs over nine per cent.
Worse, the report said, is that little improvement is expected in the coming years.
Thornhill MPP Peter Shurman, the economic development critic for the Ontario PC party, said the news isn't surprising.
"This is not a question of recovering from a recession," Shurman said.
"This is a question of hundreds of high-paying manufacturing jobs beginning to disappear in large numbers well before the recession and now being replaced by, generally, part-time service jobs."
TD's report confirms Shurman's observation. Despite 110,000 jobs being added to the GTA's economy since September 2009, many Torontonians report being "underemployed" and working unwanted part-time jobs to make ends meet.
TD predicts by 2012, the jobless rate might begin to decline but will likely remain around the relatively high rate of 8.5 per cent.
Charitable and community organizations, the report said, are being called on to help more people in need but increasingly have to work with fewer resources.
The number of people using welfare more than doubled during the economic recession and is continuing to climb in 2010, with many stuck on a waiting list.
"We're not recovering any time soon in the province of Ontario," said Shurman.
The bright spot in Toronto's economy remains the financial services sector, which continues to grow, the report said.