Economists think the PSAC strike will trim 0.1 to 0.3 percentage points off GDP in April, tipping the economy into negative growth. Read on.
inflation under control
But, it was only the second time in this inflationary run that wages outpaced the consumer price index. Nathan Janzen, an economist at Royal Bank of Canada, said wages have been playing catch up, one of the reasons the PSAC agreement doesn’t have him too worried.Article content Brown at Capital Economics said he didn’t think the deal would fuel inflation, as it covers a small number of workers as a share of total employment, roughly 0.5 per cent of the Canadian workforce. “From the bank’s perspective, the key point is that the wage deals for this year, at 3.5 per cent, and for next year, at 2.25 per cent, are consistent with the bank’s two per cent inflation target,” he said.
“Also, by spreading the wage increases on four years rather than three years, you spread the inflation pressures,” St-Arnaud said. “This is much better than if all the adjustment was front-loaded.”
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