│

│

2

│

3

│

•

•

•

•

•

•

•

•

•

•

•

•

4

│

2018 Q1 2019 Q1 10 Yr Trend

5

│

6

│

7

│

Talking Points

Despite historically low unemployment rate and robust pace of job creation wage growth

remains tepid, expanding by 2.5%. Under normal conditions, wage growth should be

growing at the expected rate of inflation (2%) plus the long term growth of productivity (1%)

│

9

│

Canada less Alberta

Alberta

│

11

More Vulnerable

Less Vulnerable

│

12

│

5 Y

EA

RR

ET

UR

N

13

│

14

150 King Street West

Toronto, Ontario