Question Period Notes
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• Today, the Parliamentary Budget Officer (PBO) released his assessment of Budget 2021 and issues for parliamentarians.
• Employment rose by 62,000 jobs in November, meaning that about 2.4 million of the 3 million jobs lost at the peak of the pandemic (i.e. about 81 per cent) have now been recouped.
• The unemployment rate fell 0.4 percentage points to 8.5% in November, while the labour force participation rate ticked down to 65.1%, from 65.2% in October.
• Employment gains were well above market expectations of a 20,000 increase, and the unemployment rate was better than market expectations of 9.0%.
• The Bank of Canada released its Monetary Policy Report (MPR) today, providing an updated view on the global and Canadian economies.
• Overall, the recoveries are proceeding largely as envisioned in July, with global and Canadian growth paths shifting to markedly slower paces after initial rebounds when containment measures were lifted.
• The recoveries are partial and advancing in highly uneven ways, however. This is expected to keep both global and Canadian inflation pressures in check.