Carolyn Wilkins: A look under the hood of Canada's job market

Remarks by Ms Carolyn A Wilkins, Senior Deputy Governor of the Bank of Canada, to the Toronto Region Board of Trade, Toronto, Ontario, 31 January 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

It is a pleasure to be here in Toronto today, and I'd like to thank the Toronto Region Board of Trade for the invitation.

In many ways, 2019 has gotten off to a challenging start. What's happening in the housing market here at home, lower oil prices, the trade conflict between the United States and China, and Brexit are top of mind for all of us.

Canadians will be more confident facing these challenges if they feel secure in their jobs. This is vital to your bottom lines as business people: without secure, good-paying work, sooner or later demand for your products and services will suffer.

For central bankers like me, the job market is a bellwether of financial health and a useful gauge of inflation pressures. And by many measures, the labour market in Canada is in good shape. The unemployment rate is at its lowest level in records going back more than 40 years. Firms across the country tell us that it's difficult to fill openings. I suspect many employers here in Toronto can relate.