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Beyond the Unemployment Rate: Assessing Canadian and U.S. Labour Markets Since the Great Recession

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This article provides a broad perspective on the performance of the labour market in Canada and the United States since the Great Recession. It also presents a simple way to summarize much of this information in a single composite labour market indicator (LMI) for both countries. The LMI suggests that the unemployment rate in Canada has evolved largely in line with overall labour market conditions since the recession, but may have modestly overstated the extent of recent improvement. The U.S. unemployment rate, in contrast, appears to have substantially overstated the post-recession improvement in labour market conditions.

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  • Konrad Zmitrowicz & Mikael Khan, 2014. "Beyond the Unemployment Rate: Assessing Canadian and U.S. Labour Markets Since the Great Recession," Bank of Canada Review, Bank of Canada, vol. 2014(Spring), pages 42-53.
    • Handle: RePEc:bca:bcarev:v:2014:y:2014:i:spring14:p:42-53
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    Cited by:

    1. Patrick Blagrave & Mr. Roberto Garcia-Saltos & Mr. Douglas Laxton & Fan Zhang, 2015. "A Simple Multivariate Filter for Estimating Potential Output," IMF Working Papers 2015/079, International Monetary Fund.
    2. Stefan Laséen & Andrea Pescatori, 2020. "Financial stability and interest‐rate policy: A quantitative assessment of costs and benefit," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 53(3), pages 1246-1273, August.
    3. Salamaliki, Paraskevi, 2019. "Assessing labor market conditions in Greece: a note," MPRA Paper 97559, University Library of Munich, Germany.
    4. Robert Fay & James Ketcheson, 2016. "The US Labour Market: How Much Slack Remains?," Staff Analytical Notes 16-9, Bank of Canada.
    5. Dany Brouillette & Madigan Dockrill & Helen Lao & Laurence Savoie-Chabot, 2018. "Bending the Curves: Wages and Inflation," Staff Analytical Notes 2018-15, Bank of Canada.
    6. Pierre Fortin, 2016. "A Stable 4% Inflation Could Get Canadians One Half Million More Jobs," Cahiers de recherche 1604, CIRPEE.
    7. Steve Ambler & Jeremy Kronick, 2018. "Navigating Turbulence: Canadian Monetary Policy Since 2004," C.D. Howe Institute Policy Studies, C.D. Howe Institute, number 47_2018, January.
    8. Ali Alichi, 2015. "A New Methodology for Estimating the Output Gap in the United States," IMF Working Papers 2015/144, International Monetary Fund.
    9. Deicy J. Cristiano-Botia & Manuel Dario Hernandez-Bejarano & Mario A. Ramos-Veloza, 2021. "Labor Market Indicator for Colombia (LMI)," Borradores de Economia 1152, Banco de la Republica de Colombia.

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