Bank of Canada: rising female participation helping tackle labor shortage & More Trending News

 

OTTAWA, Jan 25 (Reuters) – More ladies have joined the Canadian workforce lately, helping offset labor shortages, and one motive might be a program by Prime Minister Justin Trudeau’s authorities to chop child-care prices, the Bank of Canada mentioned on Wednesday.

The central financial institution mentioned the annual development of the labor pressure had shrunk to about 0.9% over the 2020-2022 interval from 1.4% in 2017-2019 as a result of of an getting older inhabitants and the interruption of immigration flows in 2020.

“The recent rise in the participation of prime-age Canadians, especially women, has somewhat offset the effect of aging,” it mentioned, noting the participation charge for prime-age ladies was at a close to report excessive 84.9%, and the rise had been notable for girls with younger youngsters.

This might partially be resulting from a multi-billion greenback program the federal Liberal authorities launched final 12 months to chop the prices of baby care and encourage extra ladies to work, it mentioned.

“The increase in the participation of prime-age women has expanded the labor force by almost 100,000, helping ease firms’ labor shortages and hiring challenges,” the financial institution mentioned in its quarterly Monetary Policy Report.

Immigration is one other issue helping mitigate the consequences of a decent labor market. About 480,000 newcomers joined the labor pressure between December 2020 and December 2022.

“Increased immigration alone cannot eliminate an economy-wide imbalance between labor supply and demand,” it mentioned, citing the rise of labor provide and the quantity of customers.

(Reporting by David Ljunggren, modifying by Steve Scherer)

((Reuters Ottawa bureau, +1 647 480 7921; david.ljunggren@tr.com))

Keywords: CANADA CENBANK/LABOR

Our Standards: The Thomson Reuters Trust Principles.

Bank of Canada: rising female participation helping tackle labor shortage

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Bank of Canada: rising female participation helping tackle labor shortage

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Bank of Canada: rising female participation helping tackle labor shortage

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