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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

November 29, 2024
COMPENSATION OF EMPLOYEES, Q3 2024

Quarter-over-quarter (Q3 2024 vs Q2 2024, seasonally adjusted)

Total compensation of employees for all industries increased by 1.3% in Nova Scotia, rising to $8.63 billion in Q3 2024.  National employee compensation was up 1.7% in the third quarter of 2024. All provinces except Newfoundland and Labrador recorded quarter over quarter gains in employee compensation with the fastest growth in Prince Edward Island.                                                         

Year-To-Date (January-September 2024 vs January-September 2023)

Nova Scotia's employee compensation for all industries was up 8.7% in the first three quarters of 2024 when compared to the same period in 2023, the second fastest growth among provinces. National employee compensation grew 5.8%. All provinces recorded year-to-date gains in employee compensation during Q1-Q3 2024, with the fastest gain reported in Prince Edward Island and the slowest in Manitoba.  

Year-to-date growth in total wages and salaries by industry show that the strongest contributions to rising payrolls came from the health care/social assistance (which includes daycare) industries, followed by professional and personal services industries. Wage and salary totals were down for the mining/oil/gas industries and federal military employees.

In percentage terms, agriculture/forestry/fishing, health care/social assistance and information/culture reported the fastest gains in Nova Scotia over this period.  

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

In each of June 2022 and June 2023, there were spikes in employee compensation, followed by corrections. In 2024, similar spikes occurred in January and May with corresponding declines in February and June. 

Year-over-year (September 2024 vs September 2023)

On a year-over-year basis, employee compensation increased 7.5% in September 2024. 

Source: Statistics Canada. Table 36-10-0205-01  Wages, salaries and employers' social contributions (x 1,000)



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