Canadian wage growth grew at the fastest pace this month since June 2016. According to Statistics Canada, average hourly wages for full-time employees rapidly increased by 2.2%.
This announcement comes despite a recent slowdown in job growth across the country, however, jobs have been added in Canada for the tenth consecutive month. Despite this, the increase of 10,000 jobs over the month was below forecasted expectations and may indicate a cooldown in the economy over the second half of the year.
"According to Statistics Canada, average hourly wages for full time employees rapidly increased by 2.2%."
According to RFi Group data, less than 1 in 5 Canadians are extremely concerned about their current financial situation, a decrease of 1% over the past 6 months. Meanwhile, there has also been a 4 percent increase, up from 13%, in the number that is not at all concerned.
This then suggests that the recent strong performance of the Canadian economy is reflected across consumer sentiment.