The Canadian economy would be generating more hours worked than it has done recently if its recovery were truly self-sustaining, Bank of Canada Governor Stephen Poloz said on Friday, casting a different light on the surge in employment in September.

Poloz, who will be presenting the central bank's quarterly Monetary Policy Report on Oct. 22, also said a good number of price increases Canada has seen recently were temporary and should therefore be ignored in setting monetary policy.

Despite his cautionary notes, he said it was important to recognize also that no country was forecasting a recession or deflation, and the International Monetary Fund's global forecast was balanced and largely positive.

He made his remarks to Reuters and a reporter for another new outlet on the sidelines of the IMF's fall meeting.