Bank of Canada governor Tiff Macklem called for an increase in immigration to compensate for the labour shortage that has caused many job vacancies across the country. At a Conference on Diversity, Equity and Inclusion in Economics, Finance and Central Banking in Ottawa, he warned against further interest rate hikes unless more workers could be found. He pointed out that due to the persistent labour shortage, businesses have been unable to meet consumer demands. With job vacancies at an all-time high and companies citing a widespread lack of personnel, it is evident that the Canadian economy has reached overheating levels. As production struggles to keep up with insatiable customer demand, prices are bound to increase accordingly.
