Unconstrained by Restrictions, Labour Market Tightens: Canada’s Two-Year Household Income and Employment—April 2022

The Conference Board of Canada, 13 pages, April 12, 2022
Issue Briefing
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This quarterly economic forecast presents the medium-term outlook for the Canadian economy. This release focuses on household income and employment. For an overview of all major components of the economy, go to the Canadian Outlook main page.

Document Highlights

  • As Canada moves beyond the cycle of lockdown and reopening, the volatility that has characterised the labour market over the past two years will fade.
  • Unemployment rates are nearing a record low. However, the re-entry into the workforce has been slower for older workers.
  • The labour shortages facing the Canadian economy have prompted the government to again raising immigration targets. Beyond meeting these targets, continued efforts to support immigrant regionalization are key in ensuring the economic benefits are widely distributed.
  • As restrictions are lifted, firms face the decision whether to pursue an office-based, remote or hybrid working arrangement.
  • Given intensifying competition for labour, firms will need to be flexible and accommodate workers’ preferences wherever possible.
  • Soaring inflation and tight labour market conditions will gradually give way to higher wage growth.

Table of Contents

Key Findings
Household Income and Employment Snapshot
Overview
Unemployment rate recovers, but older workers face stronger headwinds
Canada Cranks the Immigration Lever
Wage pressures mount
Methodology

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