Economy

The latest release of Statistics Canada’s Survey of Earnings, Payroll, and Hours (SEPH) for September gives us another opportunity to gauge how Canada’s labour market is faring. Average weekly earnings increased to $1,280 in September—up a robust 5.2% from one year ago. But with the job vacancy rate having fallen back to pre-pandemic levels from all-time, post-pandemic highs, and an unemployment rate that has been rising for the better part of two years (currently it sits at 6.8%), are earnings really increasing that quickly, or is something else going on?