Firms still struggling to find workers, willing to pay more: Bank of Canada survey

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New data from the Bank of Canada shows that workers are more willing to leave their jobs in search of new work, and businesses are working harder to attract talent.

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Workers tell the central bank that they are more likely to leave their jobs for another position in search of better hours and pay, or a change in industry.

Meanwhile, businesses say they are having a harder time finding workers, especially in high-contact service industries, and are more willing to offer higher wages.

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Firms participating in the central bank’s quarterly Business Outlook survey say they are going to pass on higher payroll costs to customers.

The companies also say they are going to pass on higher shipping costs from supply-chain disruptions, which do not subside until the second half of 2022.

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Combined, nearly half of the businesses surveyed expect the pace of price growth to be above three percent over the next two years.

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