The latest Feb. jobs report shows average wage growth jumped above five per cent again in a troubling sign for the Bank of Canada. REUTERS/Blair Gable
The Canadian labour market has been a bright spot in an otherwise slowing economy and has defied the Bank of Canada's aggressive rate-hiking campaign that has lifted its benchmark rate to 4.5 per cent., following two strong months of jobs growth. The unemployment rate held steady at the near-record low of five per cent and average wage growth reaccelerated to 5.4 per cent."The key concern for the Bank will be the rebound in average hourly earnings growth to 5.4%, from 4.5%.
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