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CANADA ECONOMICS: Scotiabank Asks, Does Today's Jobs Data Change Anything for the BoC?

· 02/05/2021 05:59

10:48 AM EST, 02/05/2021 (MT Newswires) -- Derek Holt, Vice-President & Head of Capital Markets Economics at Scotiabank, has asked does today's weaker than expected jobs report change anything for the BoC?

Holt thinks the BoC will "look through it as a transitory hit that is likely to bounce back" as restrictions get eased and eventually we get greater progress toward full vaccination. He said the BoC's tools are "obviously ineffective" in terms of doing anything about last month's jobs or future near-term reports and added the underlying details to the report indicate that health restrictions were the dominant driver.

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