Posthaste: Why the Bank of Canada can't ignore the ailing labour market
Canada’s job market is cooling, and it’s impossible for the Bank of Canada to ignore. Statistics Canada reports that “job vacancies continue to decline,” while unemployment climbed to 7.1 per cent in August and the economy shed 40,000 jobs since March — the steepest drop since 2020. Taylor Schleich and Ethan Currie of the National Bank of Canada said, “Despite slightly-above-target ‘underlying’ inflation, accumulating weakness in the labour market and the presumed downward pressure that will put on inflation is the more important factor right now, even if the Bank… can’t be as forward-looking as it would like.”
