Canada’s Central Bank Pledges Full Support to Revive Job Markets

Bank of Canada Governor Tiff Macklem indicated he plans to maintain plenty of stimulus in the economy well into a strong labour market recovery.

Mr. Macklem emphasized the damage COVID-19 has caused to certain segments of the job market, especially young people and women, and said the bank needs continued support.

Macklem laid out several labour market reasons why policy needs to remain accommodative for a prolonged period. This includes helping foster the immediate rebound in employment, limit scarring effects of long-termed unemployment and facilitate what appears to be a Covid-driven acceleration in digitalization.

In another dovish comment, Macklem noted how there was little sign of inflation just before the pandemic despite unemployment at 40-year lows at the time.

“As the pandemic recedes and the recovery continues, we will keep that experience in mind,” Macklem said. “Monetary policy can continue to support demand in order to minimize scarring and bring as many people into the workforce as possible.”

Canada’s labour market recovered swiftly in the immediate aftermath of the pandemic but has now begun to reverse course amid winter lockdowns. The nation still has more than 850,000 jobs to recover from pre-pandemic levels.

Youth and women have been disproportionately hit hard from the losses because they often work in the lower-waged jobs that have been most impacted by the lockdowns. The pandemic will also disrupt the labour market through increased automation and digitalization, Macklem said, adding it will be important for all levers of public policy to play a role in facilitating a recovery.

“We all have a role to play to ensure the recovery is broad-based and sustained, with the benefits shared widely,” he said.

This content is also available in: Tiếng Việt

#seesomething, saysomething

Culture Magazin magazine always wants to listen and receive contributions from readers.
In case you submit articles about your ideas, interesting social events or hot news that you would like to share with us, email us at or inbox us at the FB page –
Try our test reporter once. Quality articles will be selected and posted on Culturemagazin’s website and official social networking sites!
#seesomething, saysomething


Bài Liên Quan

Canadian Doctor Awarded for Advancing Treatment for Diabetes

A Canadian doctor has been awarded for his decades-long research on gut hormones that have advanced the treatment of Type 2 diabetes,...

Canada’s Immigration Minister shares new updates to immigration after the pandemic

In an online Q&A session on Tuesday May 5, Canada’s Minister Marco Mendicino answered questions and shared details regarding the future of immigration in...

Toronto Luxury Home Sales Surges 157% to Begin 2021

As a record-breaking surge in Toronto home sales starts to spark concern that a bubble may be forming, one part of the...

Prime Minister Justin Trudeau announces $100M coming for food banks, and Federal outlook for COVID-19 is on the way

In his daily press conference and address to Canadians Friday, April 3, Prime Minister Justin Trudeau announced that the federal government will...

PM Trudeau, Party Leaders Extend Congratulations to New U.S President Joe Biden

Prime Minister Justin Trudeau and other political leaders are offering congratulations to Joe Biden after his inauguration as the 46th president of...

Ontario stage one reopening includes stores, surgeries, tennis, dog grooming

TORONTO — Ontarians will be able to go shopping, play golf or tennis, and get their dogs groomed — but not visit...

Working Towards A Clean, Green Vietnam

The Keep Vietnam Clean & Green network, founded by Nguyen Huu Nhan, aims to educate the country’s population on the importance...

This content is also available in: Tiếng Việt