It is never a good thing when the unemployment rate rises. But I want to point out that when the unemployment rate is between 4.9% and 5.2%, it is not sustainable. The demand for labour is much higher than the supply, and this is one of the factors that increases inflation. Inflation is not going to go away by itself. We have to take measures to slow down the economy, which means an increase in the unemployment rate. On the other hand, we don't think the unemployment rate will be as high as it has been in past recessions.
On November 23rd, 2022. See this statement in context.