Jobless rate, unemployed population remain above pre-pandemic levels
Wages also rose sharply in December, with average hourly pay jumping 4.7%
Business restrictions, labour shortages to hamper economic activity
Unemployment fell to 5.9% in December, not far north of the record 5.4% low in 2019. But omicron could push up the jobless rate this month
Quits were high in the low-wage hotel and restaurant industries
Rate increases could be more gradual as the bank decides if it has properly estimated the labour market's full potential
Business is improving in Toronto’s underground mall system, but lags street-level activity
The jobless rate is still above the pre-pandemic level, however, despite recent gains
Inflation, economic recovery and job market seen to be driving the Fed
Model forecast jumps on recent robust readings