Thank you, Chair.
Thank you again, Mr. Carney.
I want to go back to this issue of this recovery that doesn't feel like a recovery. Some have described it as a jobless recovery. I look at chart 14 in your report, which shows that there's excess supply that remains in the Canadian economy. It's consistent with my own family's experience, where I have a nephew who's a recent graduate of an engineering school, had a job, and got laid off. Another one was a graduate of a business school, had a job, and got laid off. Both of them are struggling to find work. It's consistent with my own constituency's difficulties with people having work.
Then we read in this morning's paper that the stats on EI are actually kind of stale-dated information. You look at the U.S., and their unemployment rates are twice normal rates, around 9% or 10%. Ours are up there as well.
So I'm wondering whether we're actually looking at, if you will, structural unemployment going forward within the near term to medium term, that both from your own information and from observations abroad, it would appear the new normal will be unemployment rates of 8% to 10% in Canada, which will be largely parallelled by the U.S. I would be interested in your observations on that.