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Weekly Commentary

Omicron Has Opposite Effect on Jobs in the United States and Canada

February 4, 2022
Jimmy Jean • Francis Généreux • Benoit P. Durocher • Hendrix Vachon • Lorenzo Tessier-Moreau

This week, North American central banks were probably relieved they recently retired the transitory inflation narrative. The price of a barrel of WTI crude has skyrocketed 40% over the past two months. This week, it topped US$90 for the first time since 2014. Its spectacular rise has been driven largely by a slower-thanexpected supply response to higher prices. It’s also been fuelled by a post-Omicron increase in mobility that is leading demand to recover.