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August 30, 2024COMPENSATION OF EMPLOYEES, Q2 2024 Quarter-over-quarter (Q2 2024 vs Q1 2024, seasonally adjusted)
Total compensation of employees for all industries increased by 1.9% in Nova Scotia, exceeding the national average, and rising to $8.35 billion in Q2 2024. National employee compensation was up 1.6% in the second quarter of 2024. All provinces recorded quarter over quarter gains in employee compensation with the fastest growth in Prince Edward Island and the slowest growth in Newfoundland and Labrador.
Year-To-Date (January-June 2024 vs January-June 2023)
Nova Scotia's employee compensation for all industries was up 8.7% in the first half of 2024 when compared to the same period in 2023, the fastest growth among provinces. National employee compensation grew 5.7%. All provinces recorded year-to-date gains in employee compensation during the first half of 2024, with the slowest gains reported in Saskatchewan and 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 and information/culture reported the fastest gains in Nova Scotia over this period. Mining/oil/gas as well as federal military employees reported declines for the 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 a similar spike occurred in May with a corresponding decline in June, a month earlier than the previous two years.
Year-over-year (June 2024 vs June 2023)
On a year-over-year basis, employee compensation increased 4.8% in June 2024.
Source: Statistics Canada. Table 36-10-0205-01 Wages, salaries and employers' social contributions (x 1,000)
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