The head of the Bank of Canada says the central bank will be watching for signs that fallout from trade disputes currently affecting Canada's manufacturing sector has spilled over into additional industries.
The bank will be looking to see the extent to which weakness from manufacturing may spread to services, employment, consumer spending or housing, Governor Stephen Poloz said Thursday during a fireside chat that was part of the Vancouver Board of Trade's economic outlook forum.
"Those measures of uncertainty literally have exploded higher," he said, adding trade channel breakdowns have a "particularly insidious" effect on the world economy by lowering living standards for almost everyone. The central bank chief said he's closely watching the Canadian labour and housing markets, noting the former's recent weakness is balanced by higher wages, while the latter is being supported by strong immigration numbers and low interest rates.
"Inflation for almost two years now has been very close to two per cent and the economy has been very close to its capacity," he told reporters.
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