08:00 AM EST, 12/20/2024 (MT Newswires) -- Even as the Canadian job market is weakening, wages are playing catch-up to the post-pandemic bout of inflation, said Bank of Montreal (BMO).

The payroll survey's (SEPH) measure of wages -- fixed-weight average hourly earnings -- has rocketed in recent months, spiking to a frothy 6.4% year over year in

October, noted the bank.

That's not only much higher than any other major measure of wages, it's also a record high for this series with data back to 1991, stated BMO. These gains are also almost 4.5 ppts north of current inflation, a meaty real increase at the best of times.

Other wage metrics the Bank of Canada follows aren't grinding out gains even close to this -- most others are around 4%, pointed out BMO.

However, this is one of the series policymakers track, and the sustained sprint has got to be a bit unnerving, added the bank.