Both employment and inflation have been below our target remit, necessitating an easing in monetary conditions. However, we have had to remain humble in our ability to both assess and influence the level of employment in the face of the COVID-19 economic shock.
The COVID-19 economic impact has seen economic output across sectors of the economy, and employment, vary considerably (Figure 12).19 We are seeing some sectors of the economy experience labour and specific skill shortages, while other sectors are experiencing layoffs and surplus labour.