The Bank of Canada’s Nicolas Vincent gave an address yesterday highlighting some of the drivers behind an underperforming job market…

… which include a steady grind lower in labour market mobility, with the job changing rate sitting meaningfully below the long-term average.

Combined with a slowing layoff rate, both employees and employers are sitting on their hands…

… which has created a tough environment for those seeking work, who face the lowest job finding rate in decades…

… and the highest proportion of long-term unemployment outside of the pandemic, a structural theme we’ve been tracking with each unemployment print. No easy fixes.