Bank of Canada warns of slower recovery for women, youth, low-wage workers

The governor of the Bank of Canada warns the slower rebound facing women, youth and low-wage workers could pose a threat to a broader economic recovery from the COVID-19 pandemic.

READ MORE: Bank of Canada keeps key rate at 0.25%, sees ‘slow and choppy’ recovery ahead

Tiff Macklem says uneven recessions that affect some workers and sectors more than others tend to be longer and leave a larger mark on the labour market.

2:21 Coronavirus: Housing activity expected ‘to moderate’ as economic recovery continues, Bank of Canada governor says

Coronavirus: Housing activity expected ‘to moderate’ as economic recovery continues, Bank of Canada governor says

He notes in a speech to the Canadian Chamber of Commerce that women and young people are more likely now to be permanently laid off from their jobs due to the pandemic. People permanently laid off take on average twice as long to return to work as people on temporary layoff, Macklem says, risking long-term damage to their jobs prospects and a lasting drag on earnings specifically for youth.

Story continues below advertisement

READ MORE: Welcome to the ‘she-session.’ Why this recession is different

Macklem says the central bank is doing everything it can to support growth and get people back to work. He adds that getting people back to work is the best way to improve economic outcomes over time, noting that uneven outcomes for some can lead to poorer outcomes for all.

© 2020 The Canadian Press

Source

admin

OTTAWA'S RETIREMENT PLANNING BLOG If you have questions about retirement or financial planning then take a look here. Tons of articles & information on Canadian financial planning topics such as life insurance, investing and more.There are still a lot of misconceptions about money & retirement planning. I just want to help you retire when you want and how you want. As a Registered Retirement Consultant-RRC® and independent adviser, I share my unbiased knowledge to help you have a better understanding of investing, insurance and financial planning.Getting on track for retirement doesn't have to be confusing or complicated. Get the information you need to avoid mistakes and be Ready For Retirement!