Jobs
Canada April jobs report: What it means for interest rates
However, some analysts argue that the headline numbers may mask underlying labour market weakness. CIBC economist Andrew Grantham pointed to the economy’s reliance on public sector hiring, which has driven over 60% of job growth in the past year.
Another factor is the sticky issue of counting non-permanent residents, whose job prospects have deteriorated the most over the past year. Grantham suggested if a greater proportion of this group were included in the data, the unemployment rate could be 0.2% higher.
“With the unemployment rate for those non-landed immigrants that are counted having risen a lot more than the rest of the population over the past year, it’s possible that the jobless rate would actually be higher if a greater proportion of this group were included in the labour market data,” Grantham said in a statement.
Read next: Housing crisis deepens as first-time buyers struggle
These insights are critical as the Bank of Canada likely uses labour market data to gauge economic slack, which in turn influences its interest rate decisions.
First CFL TD for Ottawa Redblacks running back Khalan Laborn
Winnipeg Blue Bombers down Saskatchewan Roughriders 26-21
Canadian men’s soccer team beats U.S. in away match for 1st time in 67 years | CBC Sports
‘Everyone has to look themselves in the mirror’: Riders’ coach Mace expresses disappointment in Banjo Bowl loss
Webb returns two interceptions for touchdowns, Redblacks thump Argonauts 41-27
Ottawa Redblacks wash away Toronto Argos
Canadian women’s sitting volleyball team ends Paralympic team sport podium drought
Before the Montreal Alouettes 3.0 there were the Baltimore Stallions; Jim Speros waxes nostalgic
Swimmer Bennett, canoeist Hennessy to carry Canadian flag at Paralympic closing ceremony | CBC Sports
