Bank of Canada Governor Stephen Poloz Saturday:

  • Said that Canadians would be working more hours if the nation’s recovery were truly self-sustaining
  • Said it was important to recognize that no country was forecasting a recession or deflation, and the International Monetary Fund’s global forecast was balanced and largely positive

Says Reuters:

His comments on hours worked are important because Poloz views labor market slack as a key indicator that will help drive a decision on when to start hiking overnight interest rates. Rates have been frozen at 1 percent for four years.

(Canadian September employment data from Friday)