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Canada wage growth hits fastest pace since 2009
Statistics Canada shows year over year wage growth at 4.5 percent in July, the strongest since January 2009, even as Canada shed 24 200 jobs and unemployment rose to 5.7 percent. Quebec wages rose to about 6.2 percent while Ontario was at 5.1 percent. The economy posted a weak three month job gain pace, with a near stagnant May–July period, though total employment still rose 1.9 percent year over year. Analysts say wage gains may force the Bank of Canada to address broader economic tightening in coming months.
MENTIONED IN THIS ARTICLE
Ottawa
Statistics Canada
Canada
Bank of Canada
Quebec
Ontario
Stephen Brown
Capital Economics
Brown