Paul Martin's Business Update - September 26th, 2014

It’s been a long time since we saw the average wage package in this province decline but according to the latest StatsCan report on pay, that’s exactly what happened in Saskatchewan in July. The weekly average was $973 compared to $980 in June.

The drop was only $7 a week but it was the first time we saw a decline in months and may be a further indication that the labor market is beginning to find its equilibrium.

Interestingly Newfoundland also saw a decline in July. We and the Atlantic oil producer have been vying for second highest pay averages in the country behind Alberta. Despite the fall, Newfoundland retained its second place standing. And the gap between us and fourth place Ontario narrowed marginally.

When looking at the year-over-year numbers we also see a moderation in the gains being enjoyed by workers. Seven provinces saw annualized increases that were higher than Saskatchewan’s 2.8 per cent, additional evidence that the labor market is gradually coming into balance as the edge that was held by labor is now tilted slightly towards employers.

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