The more modest rise in employment and essentially unchanged hours worked in October suggest that labour demand is easing gradually, and the 0.2%-pt rise in the unemployment rate shows that the broader labour market is loosening more rapidly. That now seems to be driving down wage pressures and, along with the data earlier this week implying that GDP contracted again last quarter, suggests that inflationary pressures with ease faster than the Bank of Canada currently expects.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services