‘Profound effect’ of COVID-19 is transforming Canada’s labour market – CBC

‘Labour slack,’ not conventional unemployment, key to recovery: Bank of Canada

Sep 10, 2021

There are signs that the Canadian jobs landscape is currently going through a transformation that will affect us all, but with the country in the midst of an election, many of the complex issues have been hard to address.

Jobs numbers out Friday morning show the Canadian economy created 90,000 new jobs in August, bringing the unemployment rate to 7.1 per cent.

Despite signs of an economic slowdown in late spring, it was another month of jobs gains, after Statistics Canada reported the economy created 94,000 jobs in July, driving the unemployment rate down to 7.5 per cent.

Heading toward full employment
But whatever the short-term progress on job creation, many in the know — including Bank of Canada governor Tiff Macklem — see the Canadian economy charging back toward full employment this year and next, as the central bank considers cutting back on stimulus and raising interest rates.

Read more: https://www.cbc.ca/news/business/jobs-bank-canada-election-column-don-pittis-1.6169373

NationTalk Partners & Sponsors Learn More