Canadian Incomes Increasing

It wasn’t too long ago that Canadians were complaining about the lack of job opportunities being presented in the workforce. Of course, due to the recession, the economy was hit so hard that people from all over the country were losing their jobs in droves. Times were, indeed, tough.

Since then, Canada has been making a notable recovery from the recession and reports continue to be released detailing the rate of job growth that the nation is experiencing. And while things are not exactly back to normal, they seem to be getting there much quicker than what was once expected.

Today, some more good news has come from a QMI Agency report that reveals that Canadians are now beginning to earn more money than they were at this time last year. In fact, “average weekly earnings for Canadians jumped 4% in June over 12 months ago, marking the fastest year-over-year increase in more than two years.”

Based on government data released by Statistics Canada earlier today, this information comes as welcome news to workers all over the nation. Still reeling from the effects of the global financial crisis, citizens are need of growing income more than ever before. Naturally, it is hopeful that increasing rates of income is a trend that will continue.

Actually, this trend has already lasted for most of this year, according to Statistics Canada. There has been a year-over-year increase of earnings of 2.3 per cent or more for seven consecutive months. As a result, non-farm payroll earnings increased to $853.50 a week.

QMI also reports that “the education, accommodation and food services sectors have seen pay spike 11.5% since June 2009. Even wages in Canada’s hard-hit manufacturing sector have rebounded 5.2% year-over-year, nearly recovering all lost ground from the recession. Average weekly earnings in manufacturing stood at $946.93 in June.”

The only downside to the report’s findings was that “four of the 10 biggest industries shed workers in June with the construction sector leading the declines.” There was a loss of 3,200 jobs in the month of June. Job losses also took place in the public administration, retail trade and educational services sectors.

Nevertheless, Canada continues to be a world leader in recession recovery. We continue to remain optimistic that both job growth and income increases will take place in the coming months.