Because women and youth hold so many of the jobs in the hardest hit sectors, they have borne a disproportionate share of the job losses (Chart 1). For example, young people—those aged 15 to 24—hold about 40 percent of the jobs in the accommodation and food services sectors. That’s more than three times their share of the labour force.
For perspective, I thought it might be useful to start with a review of economic conditions in midsummer. I will then go on to discuss various influences on the outlook, including my assessment of the likely effects of the storms, and the implications of these developments for monetary policy. Finally, I will lay out some of the major risks in the economic outlook.