James lost his job in garment sales due to falling customer orders in Canada. Most business sectors have been hit by falling demand and low consumer confidence. Which economic trend is Canada currently experiencing?

Question

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Canada is currently experiencing a recession, which is characterized by a decline in economic activity across multiple sectors. This may include falling employment, decreased consumer spending, and a slowdown in production. James losing his job due to falling customer orders is an example of the impact of a recession on the job market. Stagflation is a combination of high inflation and stagnant growth, while inflation is characterized by a sustained increase in the general price level of goods and services. A depression is an extended period of economic decline, often accompanied by high levels of unemployment, while Canada is currently experiencing a recession, not a depression.

James Lost His Job in Garment Sales Due to Falling