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Economic Viewpoint

Wage Growth in Quebec is Taking Off

January 24, 2018
François Dupuis, Vice-President and Chief Economist • Hélène Bégin, Senior Economist

Quebec’s labour market has made huge strides in the last two years. Strong job creation fuelled by economic growth and a shrinking labour pool have slashed Quebec’s unemployment rate. This rate reached as low as 4.9% in December 2017—a monthly low not seen in more than 40 years. The growing scarcity of workers is having a downstream effect on wages, which are rising at a faster clip. Many companies are upping their compensation to attract and retain key workers. The momentum in Quebec’s labour market seemed to switch gears overnight—for employers and employees alike. What does the future hold?

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