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February 28, 2023COMPENSATION OF EMPLOYEES Q4 AND ANNUAL 2022 Quarter-over-quarter (Q4 2022 vs Q3 2022, seasonally adjusted)
Total compensation of employees for all industries increased by 0.8% in Nova Scotia, rising to $9.82 billion in Q4 2022. National employee compensation was up 1.2% in the last quarter of 2022. This was unchanged from the previous quarter and the slowest rate of increase since Q2 2020. All provinces recorded quarter over quarter with gains in Q4 2022. The fastest rise was reported in Prince Edward Island and the slowest in Nova Scotia.
Annual 2022 (2022 vs 2021)
Nova Scotia's employee compensation for all industries was up 8.1% year over year in 2022. National employee compensation grew 9.5% in 2022, similar to the 9.4% increase recorded in 2021. All provinces recorded gains in 2022. The fastest increase was reported in British Columbia, while the slowest rise was in Manitoba.
Annual growth in 2022 in wages and salaries by industry show that the strongest contributions to rising payrolls cam from the professional and personal services industries as well as health care and social assistance (which includes daycares).
In percentage terms, local government public administration as well as utlities, professional and personal services and agriculture, forestry and fishing reported the largest gains in wages and salaries. Nova Scotia's military payroll as well as mining, oil and gas industries reported declining payrolls. Declining military payrolls reflect a large retroactive payment received in March of 2021.
Note that changes in employee compensation reflect changes in wages and salaries as well as changes in contributions to social insurance. Changes in wages and salaries include the effects of changing numbers of employees, changing hours worked and wage rates as well as effects from differences in pay period from one year to the next.
Trends
Monthly data for employee compensation (seasonally adjusted) peaked in June of 2022, with declines in each of the next two months before rebounding in September and continuing to increase through December 2022.
On a year-over-year basis, growth in employee compensation increased to 8.4% (December 2022 vs December 2021). This was still the third consecutive month with year-over-year compensation growth that exceeded 5%.
Source: Statistics Canada. Table 36-10-0205-01 Wages, salaries and employers' social contributions (x 1,000)
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