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Tiff Macklem says job market beginning to cool in fight against inflation

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Bank of Canada governor said the labour market is cooling, a signal the central bank thinks its efforts to constrain inflation are working.

that he orchestrated this year are doing their job by turning down the heat on an economy that central bank thinks is growing too fast.

“With more modest spending growth, the demand for labour by businesses will ease, vacancies will decline, and the labour market will come into better balance,” Macklem said. “This will relieve price pressures.” Stephen Tapp, chief economist at the Canadian Chamber of Commerce, said the playbook may be shifting in the current economic environment. Tapp said whether these job vacancies could absorb the economic effects of higher rates or a market downturn was a key question for Canadian labour market dynamics moving forward.Article content

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Tiff Macklem says job market beginning to cool in fight against inflationBank of Canada governor said the labour market is cooling, a signal the central bank thinks its efforts to constrain inflation are working. StephHughes95 He also said inflation is due to 'domestic' factors, maybe you missed that part.
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