Inflation pressures on economy, workforce ‘absolutely surprised’ everyone, including BoC, says top economist

There have been a variety of reasons why inflation has 'absolutely surprised' everyone, including the persistence of strong energy prices and how widespread supply issues have been globally, says BMO's Douglas Porter.

Deputy Bank of Canada Governor Lawrence Schembri recently said employment is the most important determinate of our economy’s productive capacity—and that labour market uncertainties 'pose a challenge to the foundations of this paradigm.'The Hill Times photograph by Andrew Meade

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BY MIKE LAPOINTE

November 24, 2021

Long-term unemployment levels in Canada remain stubbornly high, despite increasing consumer demand as people look to return to normal, with “ferocious inflation pressures” having caught the Bank of Canada and other economic forecasters flat-footed at this stage of the pandemic, according to one ...

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