A recent survey revealed that half of Canada’s industries saw a decrease in their wages over the past year—although the insurance industry was fortunate enough to post an increase in the report, there is no telling when the tables would turn for the sector.
StatsCan’s survey—which collected data on payroll employment, earnings, and work hours—determined that wages are yet again struggling to keep up with inflation.
The results of the survey for wage growth in Canada in a year are as follows (from largest/positive to lowest/negative):
- Cultural industries: 9.60%
- Real estate/rental/leasing: 6.70%
- Finance and insurance: 6.00%
- Wholesale trade: 4.20%
- Forestry: 3.50%
- Retail trade: 3.20%
- Arts/entertainment: 2.50%
- Manufacturing: 2.30%
- Education: 1.80%
- Utilities: -0.30%
- Public administration: -0.50%
- Mining, oil, and gas: -0.80%
- Construction: -0.90%
- Health care/social assistance: -1.30%
- Transportation/warehousing: -1.40%
- Accommodation/food services: -2.80%
- Management of companies: -3.00%
- Professional/scientific/technical services: -3.20%
The Huffington Post interpreted the data, noting that wage declines do not necessarily mean businesses are reducing their employees’ pay; it could also mean that they are hiring more lower-wage workers than before or that they have reduced workers’ hours, resulting in lower paycheques.
According to
The Huffington Post, the finance and insurance sector enjoyed a 6% hike in wages likely as a result of the recent housing boom.
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