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May 31, 2023COMPENSATION OF EMPLOYEES, Q1 Quarter-over-quarter (Q1 2023 vs Q4 2022, seasonally adjusted)
Total compensation of employees for all industries increased by 2.2% in Nova Scotia, rising to $10.03 billion in Q1 2023. National employee compensation was up 1.5% in the first quarter of 2023. All provinces recorded quarter over quarter with gains in Q1 2023. The fastest rises were reported in the Maritime provinces and the slowest in Québec.
Year-over-year (Q1 2023 vs Q1 2022)
Nova Scotia's employee compensation for all industries was up 6.7% from Q1 2022 to Q1 2023. National employee compensation grew 6.1%. All provinces recorded year-over-year gains in employee compensation in Q1 2023. The fastest increase was reported in Prince Edward Island, while the slowest rise was in Québec.
Year-over-year growth in total wages and salaries by industry show that the strongest contributions to rising payrolls came from the professional and personal services industries as well as manufacturing. These were also the fastest growing wage and salary totals in percentage terms. Wage and salary totals were down for information and cultural industries as well as the Federal non-military employees (whose total wages spiked in February and March of 2022).
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 three months. Since October 2022, Nova Scotia's monthly employee compensation has been on a rising trend.
On a year-over-year basis, growth in employee compensation slowed to 5.5% (March 2023 vs March 2022). Year-over-year growth in employee compensation has been slowing in each month of 2023.
Source: Statistics Canada. Table 36-10-0205-01 Wages, salaries and employers' social contributions (x 1,000)
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