08:21 AM EDT, 08/29/2024 (MT Newswires) -- Canada will publish the Survey of Employment, Payrolls and Hours (SEPH) for June on Thursday, at 8:30 a.m. ET, noted Scotiabank.

One thing to watch in Thursday's payrolls report, however, will be wages, stated the bank. Nominal wage growth remains "hot" in Canada as measured by m/m seasonally adjusted annual rate (SAAR) changes to the wages of permanent employees drawn from the fresher household survey and by m/m SAAR changes to average weekly earnings drawn from the SEPH report.

Both wage measures are accelerating in y/y inflation-adjusted terms on the combination of solid nominal gains and falling inflation. Against the view that these are lagging measures is the fact that Canada faces ongoing rounds of collective bargaining wage resets that are tracking at 3%+ over future years and with many more expiring agreements still ahead that have not filtered into the Labour Force Survey (LFS) or SEPH surveys, added the Scotiabank.