that he orchestrated this year are doing their job by turning down the heat on an economy that the central bank thinks is growing too fast.
At this stage, Macklem said he expects the high rate of vacancies could help steer the economy away from the high unemployment that typically comes with a recession, as the Bank of Canada uses higher rates to rebalance the “unsustainably tight” labour market. Macklem added that the central bank isn’t expecting the same increases in the unemployment rate compared to past recessions, which he noted saw unemployment increases between three to six percentage points.job vacancies in Canada
The notion that job vacancies will cushion the real-world blow of higher interest rates hasn’t won over all economists, even though the data support the governor’s logic. Since the first three months of 2020, Canada’s job vacancy rate has surged to 5.9 per cent from 3.1 per cent. That suggests demand got ahead of fundamentals.
“It’s certainly possible that the big build-up of vacant jobs could act as a shock absorber during a future labour market downturn,” said Tapp. “However, that ideal ‘soft landing’ scenario isn’t something we should be overly confident about, nor should it be the base-case planning scenario going forward.”
StephHughes95 I do find it interesting how there are so many job vacancies, yet I've applied to nearly two thousand jobs in the entire western half of Canada over the past three months, and have yet to receive any responses? Might it be that the cost of living has outpaced wages?
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