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Benchmarks for assessing labour market health: 2025 update

Author

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  • Fares Bounajm
  • Tessa Devakos

Abstract

We provide an update on the state of the labour market, which has moved into modest excess supply. We also explore why wage growth measures remain elevated and how US trade policy could affect different parts of the labour market. We update the range of benchmarks in our dashboard of indicators.

Suggested Citation

  • Fares Bounajm & Tessa Devakos, 2025. "Benchmarks for assessing labour market health: 2025 update," Staff Analytical Notes 2025-17, Bank of Canada.
    • Handle: RePEc:bca:bocsan:25-17
    DOI: 10.34989/san-2025-17
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    Keywords

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    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
    • J6 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers

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