Immigration should be considered with jobs data: economist
An economist predicts that the Bank of Canada will take high immigration rates into account when evaluating new information on the Canadian labour market that will be released on Friday.
Bloomberg-followed economists anticipate 20,000 new jobs will be added to the Canadian economy in September. That would represent a decrease from the 40,000 jobs added in August, according Statistics Canada’s figures.
Statistics The Bank of Canada uses a variety of data sources when determining its policy to control inflation, and it has stated that it is looking for signs of reducing labour market tightness as evidence that rate hikes are having the desired effect.
The central bank set its benchmark interest rate at 5% and is scheduled to make its next rate announcement on October 25.