indicatorThe Owl

Inflation was double wage growth in August

The change in average earnings was uneven across industries

By Rob Roach, ATB Economics 27 October 2022 less than a minute

Average weekly earnings in Alberta were up by 3.0% in August compared to 12 months earlier. The inflation rate in Alberta over this same period was, however, 6.0%.

It was a similar story nationally, with earnings up by 3.2% while inflation more than doubled at 7.0%.

It is important to keep in mind that “shifts in average weekly earnings can reflect a number of factors, including changes in wages, in the composition of employment and in hours worked.”

Industries in Alberta with above average earnings growth in August include finance and insurance (+15.5%); information and culture (+12.0%), oil and gas extraction (+7.5%), and real estate (+7.4%).

Industries that saw average earnings go down include forestry (-7.5%), arts, entertainment and recreation (-5.6%) educational services (-3.9%), and health care and social assistance (-2.6%).

Answer to the previous trivia question: As of October 19, 2022, the value of all Canadian bank notes (cash) in circulation was just under $117 billion.

Today’s trivia question: What would be the height of a stack of one billion US dollars?

Inflation has been outpacing earnings growth in Alberta

Inflation has been outpacing earnings growth in Alberta

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