• Wages Growth Accelerates as Canada Adds Jobs For the 10th Straight Month

    Jencor Mortgage    |   

    Categories: Dominion Lending Centres , Jencor , Jobs , Mortgage , Rates , Wage Growth

    While the headline net jobs gain was a disappointing 10,000--well below the average monthly increase in the past year--the underlying data in this morning's StatsCanada release were quite robust. The jobless rate remained unchanged at 6.2 per cent as the acceleration in wage gains suggests that the economy is close to full employment. Average hourly pay gains hit 2.2 per cent year-over-year, the fastest pace since April 2016, mostly reflecting a long-awaited acceleration in wages in the past few months. The Bank of Canada has cited sluggish wage growth as evidence of slack in the economy. In a reversal of…