Thank you.
I was reading with interest the January “Monetary Policy Report” from the Bank of Canada. It noted that wage growth has slowed.
You mentioned here today the persistent slack in the labour market, the high levels of involuntary part-time work, the duration of unemployment, and the ongoing relatively low average number of hours worked. I noticed, with regard to the duration, that the proportion of long-term unemployed is particularly stark, climbing last year to 19.2% of the ranks of the jobless from 13.2% in 2007. CIBC has said that “easing long-term unemployment is essential 'to underpin consumer spending, household health indicators and support of broader economic recovery'”. Do you agree with that assessment?