{"id":44624,"date":"2024-03-08T17:14:20","date_gmt":"2024-03-08T17:14:20","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/03\/08\/what-economists-say-about-canadas-february-jobs-data\/"},"modified":"2024-03-08T17:14:20","modified_gmt":"2024-03-08T17:14:20","slug":"what-economists-say-about-canadas-february-jobs-data","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/03\/08\/what-economists-say-about-canadas-february-jobs-data\/","title":{"rendered":"What economists say about Canada&#8217;s February jobs data"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Wage growth still too high to bring inflation down<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Mar 08, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 1\u00a0hour ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">4 minute read<\/span><\/p>\n<\/p><\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Canada&#8217;s economy created 41,000 jobs in February, all of them full time, said Statistics Canada.<\/span> <span class=\"credit\">Photo by Nathan Denette\/The Canadian Press<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">The Canadian economy produced double the number of jobs forecasted by analysts, but the unemployment rate rose to 5.8 per cent in February from 5.7 per cent in March as population growth continued to outpace the employment market, according to Statistics Canada\u2019s latest Labour Force Survey.<\/p>\n<p>Here\u2019s what economists are saying about what the figures mean for the economy, the Bank of Canada and interest rates.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment9369277862090600298582638961098752\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" 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data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<h2>Bryan Yu, Central 1<\/h2>\n<p>\u201cFor inflation and interest rate watchers, comfort could be found in signs of rising labour market slack and moderation in wage growth as population growth swamped hiring,\u201d Bryan Yu, chief economist at Central 1 Credit Union said.<\/p>\n<p data-async=\"\">Wage growth slowed to five per cent year over year in February from 5.3 per cent in January, while the number of people looking for work rose by 76,400, much more than the 41,000 new jobs created.<\/p>\n<p>The employment rate fell in February to 61.5 per cent, a fifth consecutive drop and the rate is now at its lowest level since October 2021, Yu said in a note.<\/p>\n<p data-async=\"\">\u201cMixed signals from the labour market of robust employment growth and softening labour market conditions will be challenging for the Bank of Canada, but signs persist of a cooling market driven by the swelling labour supply,\u201d he said. \u201cThis should moderate wage growth and inflation pressures, and we maintain a call for a June rate cut.\u201d<\/p>\n<h2>Olivia Cross, Capital Economics<\/h2>\n<p>The Bank of Canada should be relieved by the latest jobs report, including the signs of slack in the workforce since it means more people are looking for work than jobs available, and the continued slowdown in wage increases, said Olivia Cross, North America economist at Capital Economics Ltd.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot21 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories1167999034829959574111265778302976\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" 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Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment3811252168663819945744579321397248\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">The central bank\u2019s statement accompanying its interest rate hold this week indicated wage growth is still on its radar.<\/p>\n<p>Average hourly wages grew five per cent year over year in February, slowing from 5.3 per cent the month before.<\/p>\n<p>That is still too high to bring inflation down to the bank\u2019s two per cent target, Cross said.<\/p>\n<p>\u201cWhile the bank will need to see wage growth soften further before it pivots to rate cuts, we suspect that weaker labour demand and renewed gains in labour supply will keep wage growth on that downward trend,\u201d she said in a note.<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-2024-jobs-net-change.png?quality=5&strip=all&w=100&sig=twtaHlLSDm6qfe2pKPcmiA&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-2024-jobs-net-change.png?quality=5&strip=all&w=100&sig=twtaHlLSDm6qfe2pKPcmiA&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-2024-jobs-net-change.png?quality=5&strip=all&w=100&sig=twtaHlLSDm6qfe2pKPcmiA&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-2024-jobs-net-change.png?quality=5&strip=all&w=100&sig=twtaHlLSDm6qfe2pKPcmiA&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-2024-jobs-net-change.png?quality=5&strip=all&w=100&sig=twtaHlLSDm6qfe2pKPcmiA&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-2024-jobs-net-change.png?quality=5&strip=all&w=100&sig=twtaHlLSDm6qfe2pKPcmiA&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-2024-jobs-net-change.png?quality=5&strip=all&w=100&sig=twtaHlLSDm6qfe2pKPcmiA&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-2024-jobs-net-change.png?quality=5&strip=all&w=100&sig=twtaHlLSDm6qfe2pKPcmiA&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-2024-jobs-net-change.png?quality=5&strip=all&w=100&sig=twtaHlLSDm6qfe2pKPcmiA&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-2024-jobs-net-change.png?quality=5&strip=all&w=100&sig=twtaHlLSDm6qfe2pKPcmiA&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-2024-jobs-net-change.png?quality=5&strip=all&w=100&sig=twtaHlLSDm6qfe2pKPcmiA&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"February jobs net change chart\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-2024-jobs-net-change.png?quality=90&strip=all&w=288&sig=8-U9Id4toGD7Rd7w1OSNLQ\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-2024-jobs-net-change.png?quality=90&strip=all&w=288&sig=8-U9Id4toGD7Rd7w1OSNLQ,\n                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-2024-jobs-net-change.png?quality=90&strip=all&w=576&sig=Grrz6uYw3Khsy1ZBe394EQ 2x\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-2024-jobs-net-change.png?quality=5&strip=all&w=100&sig=twtaHlLSDm6qfe2pKPcmiA&ssl=1\" height=\"803\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<h2>Tu Nguyen, RSM Canada<\/h2>\n<p>\u201cThe job market is tipping into an employer\u2019s market,\u201d Tu Nguyen, an economist at accounting firm RSM Canada LLP, said in a note.<\/p>\n<p>He said hourly wage growth for permanent employees \u2014 a different measure from the one cited by Statistics Canada \u2014 slowed to 4.9 per cent, falling below five per cent for the first time in a year.<\/p>\n<p data-async=\"\">That, coupled with a climbing unemployment rate, shows more disinflation is on the way, he said, something the Bank of Canada has made clear it needs to see before it feels confident it can start cutting interest rates.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment8939448290124366645858626497937408\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Still, the economy added thousands of new jobs, \u201ca sign of remaining steam that could keep the economy afloat for a few more months,\u201d Nguyen said, but, ultimately, the jobs report didn\u2019t move the rate-cut needle.<\/p>\n<p>\u201cFebruary\u2019s job report did little to sway the Bank of Canada\u2019s likelihood to begin cutting rates in June,\u201d he said.<\/p>\n<h2>Andrew Grantham, CIBC Capital Markets<\/h2>\n<p>There was nothing in the jobs data that will push the Bank of Canada to act sooner on cutting interest rates, said Andrew Grantham, an economist at CIBC Capital Markets.<\/p>\n<p>\u201cThe Bank of Canada appeared in no rush to start cutting interest rates earlier in this week, and today\u2019s data will do little to speed the process up,\u201d he said in a note, adding that the economy doubled the number of positions forecast with all the hiring coming in the form of full-time jobs.<\/p>\n<p>Grantham said the rising unemployment rate is simply offsetting an \u201cunexpected\u201d drop to 5.7 per cent in January. But wage growth is still too high for central bank officials\u2019 liking, he said.<\/p>\n<p>\u201cOverall, there is still evidence from today\u2019s data that labour market conditions are loosening, but only very gradually and not in a way that demands an imminent reduction in interest rates,\u201d Grantham said. \u201cWe continue to forecast a first reduction at the June meeting.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment2789290075799830670756300688719872\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-unemployment-rate-2024.jpg?quality=5&strip=all&w=100&sig=BKlnQgIgHFNUYVi_8HWAhw&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-unemployment-rate-2024.jpg?quality=5&strip=all&w=100&sig=BKlnQgIgHFNUYVi_8HWAhw&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-unemployment-rate-2024.jpg?quality=5&strip=all&w=100&sig=BKlnQgIgHFNUYVi_8HWAhw&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-unemployment-rate-2024.jpg?quality=5&strip=all&w=100&sig=BKlnQgIgHFNUYVi_8HWAhw&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-unemployment-rate-2024.jpg?quality=5&strip=all&w=100&sig=BKlnQgIgHFNUYVi_8HWAhw&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-unemployment-rate-2024.jpg?quality=5&strip=all&w=100&sig=BKlnQgIgHFNUYVi_8HWAhw&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-unemployment-rate-2024.jpg?quality=5&strip=all&w=100&sig=BKlnQgIgHFNUYVi_8HWAhw&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-unemployment-rate-2024.jpg?quality=5&strip=all&w=100&sig=BKlnQgIgHFNUYVi_8HWAhw&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-unemployment-rate-2024.jpg?quality=5&strip=all&w=100&sig=BKlnQgIgHFNUYVi_8HWAhw&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-unemployment-rate-2024.jpg?quality=5&strip=all&w=100&sig=BKlnQgIgHFNUYVi_8HWAhw&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-unemployment-rate-2024.jpg?quality=5&strip=all&w=100&sig=BKlnQgIgHFNUYVi_8HWAhw&ssl=1&w=1600&resize=1600&ssl=1 1600w\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-unemployment-rate-2024.jpg?quality=90&strip=all&w=288&sig=Ei5JshjpEIp4phvSZ9l_uQ\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-unemployment-rate-2024.jpg?quality=90&strip=all&w=288&sig=Ei5JshjpEIp4phvSZ9l_uQ,\n                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-unemployment-rate-2024.jpg?quality=90&strip=all&w=576&sig=4KsZIuprwqUya1ccDw658Q 2x\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/february-unemployment-rate-2024.jpg?quality=5&strip=all&w=100&sig=BKlnQgIgHFNUYVi_8HWAhw&ssl=1\" alt=\"jobs\" height=\"699\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> Financial Post<\/span><\/figcaption><\/figure>\n<h2>Nathan Janzen, Royal Bank of Canada<\/h2>\n<p data-async=\"\">The gain in jobs during February provides proof the Canadian economy continued to expand in the first quarter of 2024, said Nathan Janzen, assistant chief economist at the Royal Bank of Canada, as full-time positions and hours worked grew, although the bank estimates per-person output shrank for the seventh consecutive quarter.<\/p>\n<p>Still, he thinks there are plenty of signs that the job market is \u201crebalancing\u201d away from employees to employers, including data showing permanent layoffs are up 32 per cent. He also said job vacancies are down 25 per cent from levels a year ago.<\/p>\n<p>\u201cThe rebalancing is shifting bargaining power in wage negotiations away from workers,\u201d Janzen said in a note.<\/p>\n<section aria-labelledby=\"moreTopicLabel8092418447224110026989494360604672\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" gains=\"\" double=\"\" expectations=\"\" unemployment=\"\" rate=\"\" ticks=\"\" higher=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/03\/jobs-0307-ph.jpg?h=96&strip=all&quality=80&sig=a-XOywHzLzBoejqR1EnHFA&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/03\/jobs-0307-ph.jpg?h=96&strip=all&quality=80&sig=a-XOywHzLzBoejqR1EnHFA&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/03\/jobs-0307-ph.jpg?h=96&strip=all&quality=80&sig=a-XOywHzLzBoejqR1EnHFA&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/03\/jobs-0307-ph.jpg?h=96&strip=all&quality=80&sig=a-XOywHzLzBoejqR1EnHFA&ssl=1&w=240&resize=240&ssl=1 240w, 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fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/canada-banks-vw0308.jpg?h=96&strip=all&quality=5&sig=e_ascZ8H1nQp-_lM1qbORQ&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/canada-banks-vw0308.jpg?h=96&strip=all&quality=80&sig=Oqc0Y6oQe2e7UPWRjG5Zfw, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/canada-banks-vw0308.jpg?h=192&strip=all&quality=80&sig=ZA9iBjb90aEEdEJ2vu0B2Q 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/canada-banks-vw0308.jpg?h=288&strip=all&quality=80&sig=f0T3w8636PevH_agKXw_Cw 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">What senior bank executives are saying about the economy<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>He thinks the unemployment rate will continue to climb in the first half of the year in tandem with slowing growth per capita. Based on this data, he thinks a first rate cut in June still makes sense.<\/p>\n<p>\u201cWe continue to expect the combination of a softening economic backdrop and slowing inflation pressures will allow the BoC to pivot to gradual interest rate cuts starting in June,\u201d Janzen said.<\/p>\n<p data-async=\"\"><em>\u2022 Email: gmvsuhanic@postmedia.com <\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>What economists say about Canada&#8217;s February jobs data<\/a><br \/>\n<br \/>2024-03-08 17:14:20<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Wage growth still too high to bring inflation down Published Mar 08, 2024 \u00a0\u2022\u00a0 Last updated 1\u00a0hour ago \u00a0\u2022\u00a0 4 minute read Canada&#8217;s economy created&#8230;<\/p>\n","protected":false},"author":2,"featured_media":44625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/statcan-jobs-feb-2024-gs0308.png?quality=90&strip=all&w=288&h=216&sig=VoLKkkzjfCExznYuI3PXhw","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-44624","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/44624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=44624"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/44624\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/44625"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=44624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=44624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=44624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}