BoC's Wilkins: Regional and sectoral factors can explain a lot of why wage growth has been tame

Below are some key takeaways from the remarks delivered by the Bank of Canada's Senior Deputy Governor Carolyn A. Wilkins to the Toronto Region Board of Trade.

• Regional and sectoral factors can explain a lot of why wage growth has been tame.
• Wage gains in energy-intensive regions continued to lag behind those in the rest of the country in 2018 because of ongoing adjustments to lower energy prices.
• Wage gains in other provinces were closer to what one would expect in a labour market with little slack.
• Other structural factors, such as technological innovation, the rise of “superstar” firms and the gig economy, may be reducing workers’ bargaining power.
• The Bank of Canada will do its part to meet our inflation objective.
• Businesses and governments can help build an even more vibrant job market by investing in education and training, encouraging labour mobility, and improving the competitiveness of Canadian companies.