Canada’s worker ‘shortage’ is an illusion, and bringing in cheap labour doesn’t help
Mikal Skuterud is a professor of economics at the University of Waterloo and the director of the Canadian Labour Economics Forum.
Rather than not enough workers, the issue is that the prices of the goods and services that workers produce have increased faster than their wages, motivating businesses to hire more workers and sell more. In 1921, one-third of Canada’s workers were employed in agriculture. After more than 100 years of innovation in farming equipment, less than 2 per cent are.Once we recognize that the jobs employers seek to fill in the economy are fluid, it all becomes clear.
After accounting for changes in the mix of jobs, I estimate that workers’ wages were growing at an annual rate of 1.7 per cent in January, 2021, which sluggishly increased to 3.7 per cent by June, 2022, far behind the pace of increases in consumer prices.
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