Oct 12, 202410554 Views
Oct 12, 2024
The Bank of Montreal Capital Markets in Canada believes that the Bank of Canada's quarterly business outlook survey shows that despite strong rebounds in full-time and private sector employment in September, the job market will continue to be weak. Companies expect wage growth to slow in the next 12 months, and there is little change in recruitment intentions compared to the previous quarter. The bank pointed out that the proportion of companies reporting labor shortages is still "far below" the historical average, and companies say that increased immigration has increased labor supply. The bank said that the survey results leave room for the Bank of Canada to cut interest rates by 50 basis points, but the company still expects a cut of 25 basis points. Next week's inflation data may help resolve the debate between Canadian economists over 0.25 and 0.5 basis points.
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