Mr. Chair, the report released yesterday by the PBO is actually a very favourable report on Canada's labour market. Just to reiterate some of the points you've made, I think it shows that certainly in level terms, we are much better than where we were prior to the recession.
We make three large points in the report. We look, again, on a cyclical basis. First, Canada, we still see, I think, from the Bank of Canada, the IMF, the OECD, and others, is still operating a bit below potential. We're still recovering to get back to Canada's potential after the recession of 2009. We provide estimates on how we are relative to where we think those longer term trends are. But clearly, just as you highlighted, sir, relative to pre-recession peaks and levels in past cycles, such as the recessions we experienced in the 1980s and the early 1990s, this recession is much milder. We went in with better numbers. We're coming out with better numbers. I think it's highlighted in many ways. When we look at comparisons with other countries, Canada has done very well.
When you started your point, you talked about, I think, employment being lower. Some people were making comments to this point. It is also true that employment rates, participation rates—the level of employment relative to the population—are lower at the present time relative to where we were on a pre-recession basis. Again, that reflects the fact that we're still recovering. We're getting back to potential. I think the Governor of the Bank of Canada might have said something very similar.