It's unofficial [correction: as of Jan 24, with Bank of Montreal declaring it], but plain as day here: the U.S. has entered a recessionary period, by any measure of the imagination. Housing starts down 24% over the last year. Interest rates dropping in order to stimulate the economy, even though inflation is rising because of (ridiculously inflated) oil prices. Job growth is stalled or declining. Wages aren't rising. And the stock market is reacting downwards.
Today the U.S. government announced it will intervene with a "short term economic boost" (read: rescue plan to rescue the plan that didn't work).
Also as for now the Canadian federal government is refusing to bail out the automakers. Which means Ontario is facing headwinds too.
I think that in times like these, with a Canadian slowdown more imminent, it makes sense to practice "safe careering." That is, to review your personal financial position, to make sure that you are getting your credit facilities ready, to think twice about job hopping (a little bit of extra security now could go a long way in the next few years), and to generally plan as if things are going to get worse for a while - and how this might affect you.
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