\u0022It\u0027s a bit of a tug of war between the two.\u0022
Inflation peaked last June at more than eight per cent and has been moderating ever since, coming in at 3.4 per cent in May. The central bank is targeting roughly two per cent for inflation, said Kaushik, and ideally wage growth would more or less match inflation.
The payroll report provides data at a small lag compared with the labour force survey, but often comes with more nuance, said Kaushik.Article content Signs of slowing in the labour market are consistent with the broader economic slowdown expected in the coming months, said BMO’s Kaushik. Indeed has been tracking posted wages on Canadian job ads, and said wage growth on those postings has cooled somewhat at four per cent in May 2023 down from 5.3 per cent in August of last year..In a report this week, the company said advertised pay has grown faster among low- and mid-paying job postings, mainly in areas where hiring conditions have been tight, including construction and manufacturing. At the same time, total Canadian job postings on Indeed have also slowed, the company said.
The Canadian Federation of Independent Business has also noticed some easing on wage pressures. In a Thursday report, the organization said businesses’ expectations for wage and price increases are cooling. Of course, many Canadians are seeking for their pay to catch up to last year’s breakneck inflation pace, said Bernard, which is why wage growth accelerated in the wake of rising prices.Article content
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