erik hertzberg joins us from ottawa. this is kind of an interesting situation where it seems there is a heavily discounting market on the jobs creation just because the size of the labor pool has been growing in canada this year. erik: that is exactly it. before the pandemic and before these population gains we would've looked at the 25,000 job gain as quite positive news. but it does have to be tempered and the positivity has to be restrained by the fact the population is growing. the labor force grew 36,000. that pushed up the unemployment rate to 5.8%. in the last seven months, we have seen an 80-basis point increase in unemployment. that is typically something that we see only during recessions. on top of that we had the hours worked that fell 0.7% on the month. that is another slowing sign for gdp. you couple that with the gdp report we got yesterday, that contraction of 1.1% annualized in the third quarter, and the outlook looking weak. it seems growth is starting to stall in canada. jon: we are talking about the j

jon: you are calling --erik hertzberg was describing it as a slow erosion of hawkishness. the word pretzels, we have to form to make sense of central-bank language. really quickly, there was a moment earlier this year where this bank governor sent a message to the markets that may be rate hikes were done. do you think his language -- even when we got a message the market liked from jay powell, is being cautious in part because of how he was wording things earlier this year? >> yes, that it's quite right. canadian markets got ahead of themselves earlier this year during a positive. the housing market roared back to life and consumer spending shot up. that prompted policymakers to come off the sidelines and boost rates once again. he does not want to create another situation like that. he does not want the markets pricing in cuts sooner that he is prepared to cut. i think he is being extremely cautious in his language at this point. trying to send a signal that we are not ready to cut yet. it is way too early to be talking about it. but, we are moving in the right direction