Bank of Canada governor Tiff Macklem says Canada's low unemployment rate is not sustainable and is contributing to high inflation.
Speaking before students and researchers at Toronto Metropolitan University, the governor said the Canadian labour market needs to be rebalanced to stabilize inflation.
Last month, the Canadian economy surprised forecasters by adding more than 100,000 jobs while the unemployment rate held steady at 5.2 per cent. The strong job numbers came after four months of losses or little growth in employment. Other polices such as the expansion of universal childcare will help increase the proportion of women in the workforce, he said, but noted it will take time.
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