Average wage growth remained above 5% for yet another month, according to Statistics Canada From m_zadikian
Statistics Canada reported the Canadian economy added 41,000 jobs in April. REUTERS/Christinne Muschi
The wholesale and retail trade, transportation and warehousing, and information, culture and recreation sectors saw the biggest gains. The labour market, and wage growth in particular, have been a sticking point in Bank of Canada’s aggressive interest rate hiking campaign to bring inflation back down to its two per cent target.Heightened risk of further rate hikes
Speaking at an event on Thursday, Bank of Canada governor Tiff Macklem warned he’s “prepared to raise rates further” if inflation gets stuck significantly above two per cent, and partly blamed strong wage growth for its role in underpinning inflation.“Most wage growth measures remain around the 4% to 5% range. Unless productivity growth surprises us with a strong increase, persistent wage growth in that range will make it difficult to achieve the 2% inflation target,” Macklem said on Thursday.
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