January 27, 2022

The Queens County Citizen

Complete Canadian News World

Some wages are rising faster than inflation

Some wages are rising faster than inflation

Wages are rising faster than inflation in more than half professions, strengthening the possibility of short-term interest rate hikes to calm the warming economy, Canada tracks.

Inflation was 4.7% in November, while the average offer salary in Canada for nurses’ assistants, orderlies and orderlies rose 9.9% in the third quarter.

Workers in construction, for their part, saw an increase of 13.2% in a year, while retailers saw their average wages increase by 8.9%. Cooks were offered 8.7% more than a year ago.

Therefore these professionals have got an adequate increase to compensate for the increase in the cost of living.

Shortage of labor

These wage increases have fueled historic labor shortages.

The total number of vacancies in the third quarter of 2021 reached an all-time high: 912,600 positions before the epidemic, or 349,700 more than in the same period in 2019.

According to Statistics Canada, the problem is growing rapidly in Quebec, Ontario and Saskatchewan.

Nationwide, five sectors were particularly affected: accommodation and food services, health care and social assistance, construction, retail and manufacturing.

Inflation

The Governor of the Bank of Canada, Tiff McClelland, has stressed more than once that employment data plays a key role in managing its key rate, which is currently at a low of 0.25%.

In October, McClellan said he would keep an eye on wage increases, saying that if it was in the mainstream, there was a risk that inflation would rise as companies raised prices to pay more for their workers.