Much of the losses observed in the Canadian economy in recent months are gradually being reversed. For example, 108,000 Canadian jobs were added to the economy in October.
Statistics Canada reported in its recent labour force survey that the unemployment rate for October held steady at 5.2%. This is said to be because more Canadians are looking for work.
Canadian Visa Professionals explained further that the growth in employment came after four months of job losses.
The Conflicting Report - Probable Inflation Rate
The report about employment rise is in contrast with the statement that the Canadian economy is headed for a possible recession. The impending recession is said to result from an increase in interest rates.
In October, employment rose across a broad sector in Canada. The industries which witnessed the increase include construction, accommodation, food services and manufacturing.
Despite this, many Canadians have lost purchasing power over the last year, Canadian Visa Professionals reported. This issue is reportedly due to the annual inflation rate recorded to be 6.9% in September. The same report stated that high-wage earners were more likely to experience a wage increase than lower-wage earners.
Differences in the Wage Raise of High-wage and Low-wage Earners
This report on workers who have been with their employers for the past one year proved true the disparity between the wages of high-wage and low-wage earners. The report stated that almost 2/3rds of workers earning over $40 an hour got a raise. On the other hand, 1/2 of workers earning less than $20 an hour experienced an increase in wages.
