Wage growth remains lackluster in Alberta
Average weekly earnings are not keeping up with the cost of living
By Siddhartha Bhattacharya, ATB Economics 3 October 2022 1 min read
Seasonally-adjusted average weekly earnings (including overtime) in Alberta took a step back (on a monthly basis) in July. After rising for two straight months, average earnings in the province contracted by 0.8% compared to June.
Unadjusted earnings were, moreover, up by only 1.8% relative to last July and stood only 2.1% higher year-to-date (YTD). While above last year’s levels, Alberta’s gains (in percentage terms) were behind most other provinces.
It is, however, important to note that average wages in Alberta were still the highest in the country.
Nationally, average earnings rose 3.0% over the first seven months of the year, led by New Brunswick (+5.8% YTD) and Newfoundland and Labrador (+4.4% YTD).
Average weekly earnings continued to lag behind the rising cost of living with real (inflation-adjusted) wages down by 4.2% in Alberta and by 3.6% in Canada over the first seven months of 2022 versus the same period in 2021.
We expect the story to be largely unchanged in August.
Answer to the previous trivia question: Nunavut is the province/territory that goes the farthest north.
Today’s trivia question: Who is known as Mr. October?