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Where have all the workers gone?

In my March 17 column, I talked about inflation and the fine line central bankers need to walk between managing prices and maintaining financial market stability. One of the key drivers of inflation these days are the imbalances in labour markets across many countries.

Tight employment conditions are forcing businesses to up the ante, in their efforts to attract the critical talent to meet growing customer demand, putting upward pressure on salaries, wages and benefits. Where have all the workers gone? And what does this apparent shortage tell us about future labour market dynamics?

In Canada, employment continued to climb above pre-pandemic levels in February, and the unemployment rate fell below the February 2020 mark, to a 31-month low of 5.5%. Meanwhile, labour force participation hovered around the rates achieved before COVID-19.

Read the full article HERE: https://www.edc.ca/en/weekly-commentary/tight-labour-conditions.html

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