When the global recession hit a couple of years ago, it was unknown just how deeply it would affect the Canadian economy. Of course, like the rest of the world, our nation was not spared economic hardship during the downturn. But, since the recovery period started, Canada has gained praise for its ability to bounce back from the financial crisis.
Among the most pressing issues brought on by the recession was the massive loss of jobs throughout the country. Thankfully, many recent reports have indicated that Canada is pretty close to a point where the unemployment rate is matching what it was before the recession hit. For those still seeking employment, however, this news may come as little consolation.
Those who are working, on the other hand, are apparently experiencing some promising signs pertaining to their financial situations. Yesterday, QMI Agency reported that Canadians are making more money every week than they were years ago. Statistics Canada has actually revealed that in 2010, Canadians were indeed bringing home more “bacon” than in previous years.
As the report states, average weekly earnings for Canucks had risen by 4.5 per cent over the course of last year. This is nearly double the pace from 2009. In December, the average weekly wage was $872.12. This marked the fifth consecutive month in which there was a year-on-year growth that exceeded 4 per cent.
It appears as if the Canadian economy is continuing its upward trend. Evidently, it pays to work in post-recession Canada. The QMI article notes a number of factors that have contributed to these findings. Firstly, there has been an increase in the number of hours that Canadians work on a weekly basis. As well, job creation has grown throughout the nation in sectors that are generally higher-paying.
In fact, StatsCan reveals that in the nation’s top ten largest industries, job growth was more than the national average of 4.5 per cent. As well, “average weekly earnings in professional, scientific and technical services increased by 8.5%, driven by bigger than usual year-end payments, such as bonuses.”
And that’s not all. Other industries across the nation have also shown improvement. Statistics Canada found that “manufacturing sector wages were up by 6.2%…while accommodation and food services rose 4.7%. Smaller industries also showed strong growth, with wages in the arts, entertainment and recreation sector jumping by 10.9%.”