BoC Governor Tiff Macklem said yesterday, “We need to rebalance the labour market… This will be a difficult adjustment. We want to do this in the best way possible for Canadian workers and businesses.”
“The unemployment rate in June hit a record low [of 4.9%] – and while that seems like a good thing, it is not sustainable,” he explained. “The tightness in the labour market is a symptom of the general imbalance between demand and supply that is fuelling inflation and hurting all Canadians.”
