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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 905,122,577
Close 2022-11-10 C$ 63.94
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Globe says CIBC, rivals hear labour market overheating

2022-11-11 07:32 ET - In the News

Also In the News (C-BMO) Bank of Montreal
Also In the News (C-BNS) Bank of Nova Scotia
Also In the News (C-NA) National Bank of Canada
Also In the News (C-RY) Royal Bank of Canada
Also In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Friday, Nov. 11, edition that Bank of Canada Governor Tiff Macklem says unemployment needs to rise in order to slow down inflation, although he is not expecting joblessness to increase as sharply as it did in previous recessions. The Globe's Mark Rendell writes that on Thursday Mr. Macklem said Canada's labour market is overheating, with businesses struggling to find workers and unemployment near a record low. This is feeding through into inflation, as companies bid up wages to compete for employees. Mr. Macklem said: "We need to rebalance the labour market. This will be a difficult adjustment. We want to do this in the best way possible for Canadian workers and businesses." He made his comments after a blowout jobs report last Friday. Employment in Canada jumped by 108,000 in October, recouping all of the jobs lost during the summer slowdown, while the rate of unemployment remained steady at 5.2 per cent. The strength of the labour market is a challenge for the central bank. Mr. Macklem is actively trying to slow down Canada's economy, rapidly increasing interest rates with the goal of curbing demand for goods and services and slowing down price increases.

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