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

Konrad Zmitrowicz and Mikael Khan
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Mikael Khan: Bank of Canada, http://www.bankofcanada.ca/

Bank of Canada Review, 2014, vol. 2014, issue Spring, 42-53

Abstract: 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.

Date: 2014
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