Immigration will weigh on the Bank of Canada’s view of inflation: economist

Houses for sale in Ottawa

“When you see 3% population growth and wages and employment still rising, that generates fairly substantial underlying strength in consumer spending, so it’s hard for the Bank of Canada to slow the economy with that kind of momentum,” Antunes said.

Canadian jobs market remains robust

August saw the addition of 40,000 jobs to the Canadian economy, while the unemployment rate was steady at 5.5%, Statistics Canada reported.

This followed a drop of 43,100 (representing a 5.8% decline) in job vacancies the month prior. The report noted that the July level of 701,300 was the lowest number of vacancies since May 2021 (673,400).

“The job vacancy rate – which corresponds to the number of vacant positions as a proportion of total labour demand (the sum of filled and unfilled positions) – decreased by 0.3 percentage points to 3.9% in July, a rate not seen since February 2021,” StatCan said.

Job vacancies decreased most noticeably in the retail trade (-10,800; -12.8%), accommodation and food services (-10,400; -11.6%), educational services (-4,500; -18.6%), management of companies and enterprises (-1,600; -42.3%), and mining, quarrying, and oil and gas extraction (-1,600; -16.9%) sectors, StatCan added.

Source link
Ottawa New Listings

Leave a Reply

Your email address will not be published. Required fields are marked *