In several recent interviews, Alberta Central Chief Economist Charles St-Arnaud has been interviewed and quoted on the latest labour force data and what the job loss numbers mean for the economy.
In UK News Today he was quoted noting that:
“A robust labour market and strong wage growth remain a challenge for the Bank of Canada. While the BoC will welcome the higher unemployment rate, it remains historically low and will need to rise further to create some slack in the labour market. Moreover, wage growth remains strong and disconnected from weak labour productivity. The continued resilience of the labour market, the strength in the economy and the inflation stickiness (caused) the BoC to hike its policy rate this week…with the risks indicating another hike may come.”
He also spoke about how corporate pricing behaviour is impacting inflation, and in CMP Magazine and online sources he was quoted saying:
That the statement (from the BoC) should be read as the central bank evaluating “whether or not higher costs are being absorbed by corporations or being passed right to consumers…I think some people might see that as, ‘Oh, is the bank saying implicitly that they’re seeing price gouging from corporations?’ I don’t think that’s what they’re saying.”
He was also quoted on rising interest rates and the impact on households. In TNC News, he was quoted saying:
“By acting aggressively, the bank is likely trying to restore its credibility as an inflation fighter.”