In the midst of a surge in the cost of living, the salaries of Quebecers have been increasing more slowly than those of Ontarians in recent months, in a context of economic uncertainty.
The moving average salary increase between May and August is 3.5% in Quebec. The pace is 4.9% in Ontario, according to data provided by the chief economist of Desjardins Group, Jimmy Jean.
This figure reflects the cooling of the job market while job creation has “stagnant” in Quebec since the start of the year and the number of vacant positions is decreasing, explains the economist in an interview on Wednesday on the sidelines. a presentation on Desjardins Group’s economic forecasts.
Ontario is also experiencing a lull in the job market, but the trend is less pronounced than in Quebec. “Economic vigor is much more depressed in Quebec than in Ontario,” says Mr. Jean.
Median income is an important element in the Legault government’s objective of reducing the wealth gap with Ontario.
The recent deceleration in wage growth is a cyclical trend, explains the chief economist. “I expect that we will experience a certain slowdown in Ontario at this level. »
Despite everything, significant challenges complicate Prime Minister François Legault’s objective. “It cannot be denied that the power of attracting high-talented individuals abroad is much stronger in Ontario than it is in Quebec. »
Quebec has industrial clusters that attract highly paid professionals, but it remains difficult to compete with Ontario, which hosts the head offices of many large Canadian companies. “It’s the hub of head offices in Canada, with very well-paying jobs. »
“We will have to redouble our efforts to be able to compete with Ontario in terms of wealth creation and also in attracting high-income talent. »