Jobs market in Canada: Wages rise

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Average hourly wages among Canadian employees rose to $34.95 on a year-over-year basis in April, a 4.7 per cent increase, according to a Statistics Canada report released Friday morning.

This is a breaking news update. More details to come. Previous CP story continues below. 

Canada’s labour market has cooled significantly over the past year as high interest rates have filtered through the economy.

That’s led to a steady rise in the unemployment rate, which reached 6.1 per cent in March.

RBC says it expects the economy added a modest 15,000 jobs last month and no change in the unemployment rate.

The report will offer a final glimpse into labour market conditions ahead of the Bank of Canada’s interest rate decision next month.

The central bank will be looking to see whether wage growth, which has remained strong over the last year, has slowed down at all.

This report by The Canadian Press was first published May 10, 2024.


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