Recession Again
The late 1970s and the 1980s again saw a period of economic hardship hit the city as several major employers closed or restructured. The Eatons catalogue division closed in 1976 and CN closed its locomotive shops facility in 1988, throwing thousands out of work and forcing the federal and provincial governments to step in with economic restructuring packages to diversify the Moncton economy. CFB Moncton was also closed at about this time due to defence cutbacks resulting from the end of the Cold War. Moncton became so despondent during the late 1980s (prior to economic restructuring having a positive impact) that the city's promotional slogan would become the rather lackluster Moncton - We're OK.
Read more about this topic: History Of Moncton