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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 906,003,982
Close 2022-11-25 C$ 65.10
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FP says RBC, rivals hear BOC favours larger labour pool

2022-11-28 08:24 ET - In the News

See In the News (C-RY) Royal Bank of Canada

The Financial Post reports in its Saturday, Nov. 26, edition that Immigration Minister Sean Fraser said changes to Canada's immigration program next year will rebalance the system in a way that will help hospitals, builders and other employers address chronic labour shortages. The Post's Naimul Karim writes that under the new immigration plan the government aims to accept in a record 1.45 million newcomers in the next three years. The new selection tools will allow Mr. Fraser and future ministers to select immigrants to fill job gaps in specific industries and regions. Bank of Canada Governor Tiff Macklem said earlier this month that if Canada's labour pool was larger, he probably would not have needed to raise interest rates as aggressively as he has this year to contain inflation. That is because the shortage puts upward pressure on wages and hinders the ability of companies to keep up with demand. The issue is bigger than volume. Nontech immigrants who make it to Canada struggle to have their skills recognized by various professional associations, which hurts productivity because workers are blocked from meeting their full potential. The Post says Mr. Fraser has vowed to resolve these issues.

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