Word: dollarization
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Clothier Nygard was ahead of the curve, having outsourced most of his company's production to Asia years ago. He's not alone; annual manufacturing shipments of made-in-Canada garments have plummeted more than 35%, to about $4.5 billion, since 2002. "With the rising dollar, we couldn't afford to make everything in this country anymore," says Elliot Lifson, vice chairman of Montreal-based Peerless Clothing, which has outsourced 70% of its production to plants in China, India and Vietnam over the past three years. Once the loonie passed 80¢, the $500 million company, which has exclusive licensing...
...Canadians have been pouring over the border to bargain hunt, and the unemployment rate hit a 33-year low of 5.8% in October, owing to gains in the natural resource and service sectors. But the world's eighth largest economy has lost 329,800 manufacturing jobs since the Canadian dollar began its marathon climb five years ago. From an all-time low of 62¢ in 2002, the turbocharged loonie shot past the U.S. greenback for the first time in nearly 31 years this September and kept right on soaring. Fueled by record prices for Canadian commodities, a surge in foreign...
...plants for annual productivity gains of 6% to 10% to avoid offshoring more jobs. Gerry Fedchun, president of the Automotive Parts Manufacturers' Association, says his industry can adjust to a strong loonie rivaling the greenback, but there will be consequences. "We're going to shrink dramatically if the Canadian dollar stays where it's at," says Fedchun...
...Canadian dollar hit its all-time high was not, in fact, Nov. 7, 2007. The pinnacle came more than 140 years earlier, when Confederate troops reached the outskirts of Washington, D.C., forcing Union soldiers to decamp from Virginia and defend their capital. The Canadian dollar that day was worth...
...seem, then, that the loonie's $1.10 U.S. mark in November - merely its peak in generations - should not have elicited quite the cheers and fears it did across the country. Canadians, of course, are peculiarly obsessed with the U.S. dollar exchange rate: three-quarters of exports go to the U.S. and a comparable share of imports arrive from there. But America's Civil War is a reminder, if nothing else, that when currencies start breaking records, it's usually a sign that something big is happening...