November Unemployment and Inflation
Dec 08, 2014
Canada, Alberta and Saskatchewan all remained static and are at 6.6%, 4.5%, 3.4% respectively – all very strong historical numbers.
BC changed a little dropping to 5.8% from 6.1% for all the right reasons (increase in working people instead of a drop in population for example). It is rare to see BC drop into the ‘fives’ for unemployment so this is a good sign for their economy.
Looking at inflation and wage increases, the last 8 months inflation in Canada has been 2.11% however on average Canadian wages have grown 1.75%. While they are small percentages, this mean the earnings are not going as far because inflation outpaces wages for most of the year.
Alberta wage growth was slightly lower than the Canadian average 1.73% growth, although Alberta is the highest wage earning province.
BC struggles with wage growth, well under the Canadian average with growth of 1.8% vs national average inflation of 2.11%. BC has a significantly lower wage base compared to Alberta (earning 15.3% less) although about the same as the national average (-0.5% lower), yet inflation continues to outpace wage growth.