BMO Says Job Vacancies Point to Ongoing Softness in Canada
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BMO reports that Canada's job vacancy rate dropped to 2.6% in October, the lowest since February 2017, indicating ongoing softness in the job market. The ratio of unemployed Canadians to job vacancies is over 3-to-1, reflecting weaker conditions compared to historical norms. Wage growth has also slowed to 2.1% year-over-year. BMO suggests these factors support maintaining interest rates at the low end of the neutral range, aligning with the Bank of Canada's current stance.
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