08:57 AM EST, 11/29/2024 (MT Newswires) -- Canada's labor market has been steadily cooling from historically tight levels over the past couple of years, as high interest rates and slower economic growth weighed on labor demand while strong population growth pushed up supply, said Bank of Montreal (BMO).

While job vacancies and the vacancy rate both ticked up in September, the big picture still seems to hold for now, stated the bank.

It will likely take more time for lower interest rates to drive a recovery in economic growth and as such, on labor demand, noted BMO.

Helping things along will be the Bank of Canada, which is expected to continue easing through the first half of 2025.