The governor of the Bank of Canada warns the slower rebound facing women, young people, and low-wage workers could pose a threat to a broader economic recovery from the Covid-19 pandemic.
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.
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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.
Taking “twice as long to return to work”
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 job prospects and a lasting drag on earnings specifically for youth.
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.
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