Immigration and an ongoing recovery from the pandemic in certain sectors are some reasons why Canada's jobs market has been so strong of late, economists say.
"A lot of people have been concentrating on immigration but I think that kind of misses the point because we could have strong immigration and still have weak employment if there wasn't demand for the labour.
"We know that many industries have been starved for workers since the reopening , so underlying demand for workers remains strong, even in a cooling economy."Doug Porter, BMO Capital Markets, according to Statistics Canada, marking the latest in a string of job reports that far surpassed Bay Street expectations.
Job postings on Indeed Canada were 53 per cent above pre-pandemic levels as of Feb. 3, although they were down 12 per cent from their May peak. It's also likely making it more difficult for the Bank of Canada to engineer a slowdown and bring inflation back down to its target of two per cent. He also rejects the notion that the strong January jobs numbers mean the Bank of Canada could be forced to continue hiking its benchmark rate.
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