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According to the report by Statistics Canada, P.E.I.’s average weekly wages are failing on meeting the Canadian average.
In mid 2014, P.E.I.’s average wage was slightly above $770 Canadian dollars a week. This was 82 per cent when compared to the Canadian average. Since then, P.E.I. has been increasing its wage. In 2014 September, the P.E.I. peaked 87 per cent as compared to the Canadian average. However, in January 2016, the P.E.I. went below 86 per cent. As a result, P.E.I.’s average wage was $827.81; where as Canadian average was up to $967.15.
P.E.I. has been responsible for a lot of things in the past years. These past few years have been all about boosting its economy. However, as the wages slip and Canadian average rises, it might be difficult for them to keep up with the changing trends.
According to the report, the past few months have shown a sharp decline in manufacturing. Since then, P.I.E. has not been uniform in any of the sectors. The up and down from September to January were as follows:
• Social assistance and health care: +12.7%
• Insurance and finance: +10.6%
• Retail and wholesale: -3%
• Manufacturing: -20.3%
The healthcare sector and, the insurance and finance sectors have been going steady from September. The percentage has remained in double digits and continues to increase.
The point of concern here is the wholesale and retail sector, which is down by 3%. This sector is one of the largest sector and employer of the province. If the number continues to decline is this manner, then P.E.I might face a big loss in its economy.
P.E.I. offers the lowest weekly wage in Canada, which begs the question that whether this province will see a boost anytime soon or not. It might seem too small on the scale but with a different approach, the P.E.I. can come up to the level. After all, this is the start of the New Year and P.E.I. has plenty of time to catch up.