Total labour income as a share of the Canadian economy began to trend downward nearly 30 years ago and has remained in a lower range for the past 10–15 years. Opportunities for globalization of supply chains and the steady increase in automation technology have no doubt reduced employee bargaining power over time, not to mention declining union membership.
3/5  BIS central bankers' speeches  Bearing in mind that globalization and automation also generate economic growth that benefits everyone, it is clear that there is no simple solution to this. However, it is a useful metric to track when considering alternative policy ideas. Yesterday’s decision All that said, the Canadian labour market has certainly been important to the economy’s resilience.