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Hashmat Khan
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Bob, The 10-year rolling contemporaneous correlation reported in Figure 2 is helpful in seeing the information in Figure 1 in another way: how employment and investment have moved together over the medium run (a decade) in Canada - a stylized fact. Notice the joint pattern in Figure 1 since about 1995. The shape of the 10-year correlation reflects that. Also, the decrease correlation in the last 10 years is partly driven by the relatively flat employment-to-population ratio since 2010, and the rising I/GDP ratio. The increased contemporary disconnect reflected in the low correlation clearly striking and most likely reflects structural changes in the labour market.
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