Canada's low unemployment rate is not sustainable and is contributing to decades-high inflation, Bank of Canada governor Tiff Macklem said during a speech in downtown Toronto Thursday.
Speaking before students and researchers at Toronto Metropolitan University, the governor said the Canadian labour market needs to be rebalanced to stabilize inflation.
"The tightness in the labour market is a symptom of the general imbalance between demand and supply that is fueling inflation and hurting all Canadians," he said. Macklem said policies that increase the number of workers available to work would help ease inflation.As economies around the world slow in response to rising interest rates, Macklem said Canada will fare better than other countries in part because of strong immigration levels.
The governor, however, stressed that these policies are not substitutes for using interest rates to clamp down on high inflation.
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