-
Take It For Now, But Imbalances Are Building In Canada’s Labour Market
While the rebound in employment matched my expectations and hours worked offer a robust signal, I’m stunned by the wage figures. The shorter-term picture for the job market and economy is pointing toward a rebound from transitory shocks, but the skies are darkening over the outlook for the job market into next year. Summary details are in the table above and chart 1. I continue to think that the BoC put too much stock in its view that GDP has been soft because higher interest rates are working and too little emphasis upon the role of transitory factors. As evidence, I’d point to the fact that hours worked were up ... (full story)