In its latest labour force survey, Statistics Canada said Friday that the unemployment rate for last month held steady at 5.2 per cent as more Canadians looked for work.It’s also at odds with bubbling fears that the Canadian economy is headed for a possible recession as interest rates rise.
For the fifth consecutive month, wages grew on an annual basis. Compared with a year ago, wages in October were up 5.6 per cent. The report highlights that high-wage earners were more likely to experience a wage increase over the last year compared with lower-wage earners.Sign up for our newsletter to get breaking news and daily digests sent to your email.Among workers who have been with their employer for the last twelve months, nearly two thirds of workers earning more than $40 an hour got a raise. In comparison, half of workers making less than $20 an hour saw their wages go up.
With inflation this year reaching levels not seen in four decades, the report surveyed Canadians on their financial situations. More than one third of Canadians said they were finding it difficult or very difficult to meet their financial needs. Two years ago, just over one fifth of Canadians reported the same challenges.
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