Canadians’ wages grew more than five per cent year-over-year in February, Statistics Canada reported on Friday, a bigger increase than those recorded in January and December.
said average hourly wages rose 5.4 per cent year-over-year to $33.16 in February.
Canadian men earned an average $35.63 per hour in February 2023 compared with a $30.67 average hourly wage for women. The BoC said it expects projected weak economic growth for the next few quarters to “moderate wage growth” and ease pressures in the labour market. “At any point, a change in average wage reflects not only a pure pay increase but also changes in the composition of labour. And during each one of the pandemic years, that change in composition was very pronounced. This has important implications for our understanding of the inflationary potential of the current wage trajectory,” they wrote in the Feb. 23 report.
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