ICYMI: RBC first to forecast Canada will fall into recession in 2023 — via financialpost Economy Canada Recession
In a report released Thursday, the bank said Canada’s unemployment rate is now almost a full percentage point below RBC’s assumption of the longer-run, non-inflationary level.
Their report said that while the travel and hospitality sectors continue to recover, businesses are struggling to find the workers they need to expand production and soaring prices are cutting into Canadians’ purchasing power. Nearly 70 per cent more jobs opened in June than before the pandemic and those hunting for staff were forced to compete for almost nine per cent fewer unemployed workers, it said.
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