movements. see d. brouillette, j. lachaine and b. vincent, “ wages : measurement and key drivers, ” bank of canada staff analytical note no. 2018 - 2 ( january 2018 ) ; and j. lachaine, “ applying the wage - common to the provinces, ” bank of canada staff analytical note no. 2018 - 16 ( may 2018 ). for further detail, see congressional budget office, “ the budget and economic outlook : 2019 to 2029 ” ( january 2019 ). differences in canadian and us unemployment rates stem from differences in how statistics agencies define unemployed workers and those not participating in the labour force. for more detail, see r. bender, “ measuring employment and unemployment in canada and the united states – a comparison, ” statistics canada ( january 18, 2016 ). that divergence makes sense when you consider that investment and jobs in energyintensive regions respond to oil prices. in fact, there was a massive increase in employment in these regions from 2000 to the end of 2014, and they led wage growth. with much lower oil prices since 2015, employment in the oil and gas sector has fallen by about 20 per cent — that is about 30, 000 jobs. other goods - producing sectors, such as manufacturing and agriculture, are also becoming less prominent employers. 7 instead, a range of service sectors have contributed to job growth, in exactly the places you would expect given longer - term trends. digitalization has led to a burst of jobs in computer system design — up by around 40 per cent over the past five years. there has also been a boom in healthrelated jobs, particularly elder care. almost all the jobs created in services have been full - time, and about two - thirds have been in industries that pay higher - than - average wages. over the past year, servicesector wage gains were much stronger than those in the goods sectors. 8 yet, even after accounting for these regional and sectoral factors, wage growth overall is still a bit short of what one would expect at this stage. this is particularly puzzling when you consider what businesses are telling us about how hard it is to fill jobs. firms in our latest business outlook survey reported one of the highest levels of labour shortages since the great recession. and job vacancies continue to rise, now totalling about 550, 000. why aren ’ t labour shortages driving up wages? if the right workers are so hard to attract, why not simply offer more

other ecosystem participants must have robust disaster recovery and business continuity plans in place and test them periodically. further, it infrastructure and channels have to be protected from the emerging cyber threats to ensure operational resilience. i would therefore like to reiterate that the boards and it strategy committees of the banks need to step up their oversight in this matter. outsourcing risks a€ “ managing third party dependencies while we acknowledge the numerous advantages that outsourcing can offer to a bank, such as cost savings and increased efficiencies, it is crucial for banks to maintain vigilance regarding the accompanying risks. these risks include the potential loss of control over critical operations, the risk of data security breaches, heightened dependency on third - party providers, and the possibility of reputation damage stemming from the misconduct of service providers. as the rbi has time and again reiterated, outsourcing does not absolve a bank of any of its obligations and they continue to remain ultimately responsible for the activities of their service providers including recovery agents. banks must ensure that their service providers employ the same high standard of care in performing the services as would be employed by the banks. banks should not engage in any outsourcing that may result in their internal control, business conduct or reputation being compromised or weakened. 3 / 5 bis - central bankers'speeches climate risk it also needs to be appreciated that we are living in an era when climate change and its consequent risks cannot be ignored. due to its geographic, environmental and economic characteristics india is particularly vulnerable to climate change. variability in monsoon patterns coupled with temperature change impact crop production and affect our food security. apart from agriculture, even in other sectors the economic impact of climate change in india could be substantial. climate - related financial risks pose both micro and macro - prudential concerns. climate change risk is ascending the hierarchy of threats to financial stability across advanced and emerging economies alike and consequently, the need for an appropriate framework to identify, assess and manage climate - related risk has become imperative. customer protection lastly, and perhaps most importantly, i would like to discuss the aspect of customer protection which is integral to building a resilient brand india in many ways. financial services institutions exist because of their customers. they entrust regulated entities with their hard - earned money, their dreams, and their aspirations. therefore, customer protection and timely grievance redressal, forms the foundation of trust and reliability, contributing to the overall resilience and reputation of