Canadian Wages and Employment Rise in April 2024

Statistics Canada’s April 2024 Labour Force Survey reveals a 4.7% year-over-year increase in average hourly wages, now reaching just under $35. Additionally, the number of hours worked by Canadians rose by 0.8% in April and 1.2% year-over-year.

Employment grew by 90,000 jobs (0.4%) in April, with the unemployment rate holding steady at 6.1%. However, the employment rate remained unchanged at 61.4%, following six consecutive months of decline.

The robust job market and wage growth have raised questions about the Bank of Canada’s potential interest rate cuts this summer. Experts suggest that the data could prompt the bank to delay any rate cuts, particularly in light of the upcoming inflation report.