<?xml version="1.0" encoding="UTF-8"?>
<data>
<terms url="https://www.bankofcanada.ca/terms/"></terms>
<groupDetail>
    <label>Chart 9: Wage growth expectations have eased</label>
    <description><![CDATA[Wage growth: Over the next 12 months, are increases in labour costs expected to be higher, lower or about the same as over the past 12 months? Expected wage increase: What do you expect your average wage increase to be next year?

* Percentage of firms expecting higher labour cost increases minus the percentage expecting lower labour cost increases
BOS is the Business Outlook Survey and BLP is the Business Leaders’ Pulse. In the BLP, firms can select from predetermined ranges, which can be open or closed. We use the midpoints of the closed ranges. We assign a value of -1% to responses in the lowest open-ended range and 9% to responses in the highest open-ended range (“8% or higher”). This question in the BLP is typically asked only one month each quarter. The question was not asked in any month during the second quarter of 2022.

Business Outlook Survey and Business Leaders’ Pulse]]></description>
    <link>https://www.bankofcanada.ca/?p=245382</link>
</groupDetail>
<seriesDetail>
<series id="COSTS">
<label>Balance of opinion *</label>
<description>Wage Growth - Over the next 12 months, are increases in labour costs expected to be higher, lower or about the same rate as over the past 12 months?</description>
<dimension key="d" name="Date"/>
</series>
<series id="BOS_2025Q1_C9_S2">
<label>BOS: Expected wage increase, change over the next 12 months (year-over-year percentage change, right scale)</label>
<description></description>
<dimension key="d" name="Date"/>
</series>
<series id="BOS_2025Q1_C9_S3">
<label>BLP: Expected wage increase, change over the next 12 months (year-over-year percentage change, right scale)</label>
<description></description>
<dimension key="d" name="Date"/>
</series>
</seriesDetail>
<observations>
<o d="1999-01-01"><v s="COSTS">13</v></o>
<o d="1999-04-01"><v s="COSTS">26</v></o>
<o d="1999-07-01"><v s="COSTS">25</v></o>
<o d="1999-10-01"><v s="COSTS">26</v></o>
<o d="2000-01-01"><v s="COSTS">35</v></o>
<o d="2000-04-01"><v s="COSTS">50</v></o>
<o d="2000-07-01"><v s="COSTS">37</v></o>
<o d="2000-10-01"><v s="COSTS">45</v></o>
<o d="2001-01-01"><v s="COSTS">32</v></o>
<o d="2001-04-01"><v s="COSTS">15</v></o>
<o d="2001-07-01"><v s="COSTS">11</v></o>
<o d="2001-10-01"><v s="COSTS">-21</v></o>
<o d="2002-01-01"><v s="COSTS">9</v></o>
<o d="2002-04-01"><v s="COSTS">16</v></o>
<o d="2002-07-01"><v s="COSTS">19</v></o>
<o d="2002-10-01"><v s="COSTS">9</v></o>
<o d="2003-01-01"><v s="COSTS">23</v></o>
<o d="2003-04-01"><v s="COSTS">2</v></o>
<o d="2003-07-01"><v s="COSTS">6</v></o>
<o d="2003-10-01"><v s="COSTS">9</v></o>
<o d="2004-01-01"><v s="COSTS">24</v></o>
<o d="2004-04-01"><v s="COSTS">29</v></o>
<o d="2004-07-01"><v s="COSTS">19</v></o>
<o d="2004-10-01"><v s="COSTS">18</v></o>
<o d="2005-01-01"><v s="COSTS">14</v></o>
<o d="2005-04-01"><v s="COSTS">11</v></o>
<o d="2005-07-01"><v s="COSTS">31</v></o>
<o d="2005-10-01"><v s="COSTS">34</v></o>
<o d="2006-01-01"><v s="COSTS">28</v></o>
<o d="2006-04-01"><v s="COSTS">27</v></o>
<o d="2006-07-01"><v s="COSTS">35</v></o>
<o d="2006-10-01"><v s="COSTS">25</v></o>
<o d="2007-01-01"><v s="COSTS">14</v></o>
<o d="2007-04-01"><v s="COSTS">4</v></o>
<o d="2007-07-01"><v s="COSTS">6</v></o>
<o d="2007-10-01"><v s="COSTS">6</v></o>
<o d="2008-01-01"><v s="COSTS">4</v></o>
<o d="2008-04-01"><v s="COSTS">13</v></o>
<o d="2008-07-01"><v s="COSTS">4</v></o>
<o d="2008-10-01"><v s="COSTS">-47</v></o>
<o d="2009-01-01"><v s="COSTS">-52</v></o>
<o d="2009-04-01"><v s="COSTS">-41</v></o>
<o d="2009-07-01"><v s="COSTS">-7</v></o>
<o d="2009-10-01"><v s="COSTS">6</v></o>
<o d="2010-01-01"><v s="COSTS">3</v></o>
<o d="2010-04-01"><v s="COSTS">22</v></o>
<o d="2010-07-01"><v s="COSTS">15</v></o>
<o d="2010-10-01"><v s="COSTS">16</v></o>
<o d="2011-01-01"><v s="COSTS">26</v></o>
<o d="2011-04-01"><v s="COSTS">29</v></o>
<o d="2011-07-01"><v s="COSTS">7</v></o>
<o d="2011-10-01"><v s="COSTS">20</v></o>
<o d="2012-01-01"><v s="COSTS">14</v></o>
<o d="2012-04-01"><v s="COSTS">19</v></o>
<o d="2012-07-01"><v s="COSTS">7</v></o>
<o d="2012-10-01"><v s="COSTS">3</v></o>
<o d="2013-01-01"><v s="COSTS">-1</v></o>
<o d="2013-04-01"><v s="COSTS">4</v></o>
<o d="2013-07-01"><v s="COSTS">12</v></o>
<o d="2013-10-01"><v s="COSTS">17</v></o>
<o d="2014-01-01"><v s="COSTS">9</v></o>
<o d="2014-04-01"><v s="COSTS">11</v></o>
<o d="2014-07-01"><v s="COSTS">11</v></o>
<o d="2014-10-01"><v s="COSTS">2</v></o>
<o d="2015-01-01"><v s="COSTS">-6</v></o>
<o d="2015-04-01"><v s="COSTS">1</v></o>
<o d="2015-07-01"><v s="COSTS">-3</v></o>
<o d="2015-10-01"><v s="COSTS">-4</v></o>
<o d="2016-01-01"><v s="COSTS">17</v></o>
<o d="2016-04-01"><v s="COSTS">-5</v></o>
<o d="2016-07-01"><v s="COSTS">14</v></o>
<o d="2016-10-01"><v s="COSTS">21</v></o>
<o d="2017-01-01"><v s="COSTS">13</v><v s="BOS_2025Q1_C9_S2">2.61</v></o>
<o d="2017-04-01"><v s="COSTS">22</v><v s="BOS_2025Q1_C9_S2">3.03</v></o>
<o d="2017-07-01"><v s="COSTS">20</v><v s="BOS_2025Q1_C9_S2">3.01</v></o>
<o d="2017-10-01"><v s="COSTS">25</v><v s="BOS_2025Q1_C9_S2">3.42</v></o>
<o d="2018-01-01"><v s="COSTS">25</v><v s="BOS_2025Q1_C9_S2">3.37</v></o>
<o d="2018-04-01"><v s="COSTS">18</v><v s="BOS_2025Q1_C9_S2">3.75</v></o>
<o d="2018-07-01"><v s="COSTS">18</v><v s="BOS_2025Q1_C9_S2">3.15</v></o>
<o d="2018-10-01"><v s="COSTS">23</v><v s="BOS_2025Q1_C9_S2">3.92</v></o>
<o d="2019-01-01"><v s="COSTS">15</v><v s="BOS_2025Q1_C9_S2">3.03</v></o>
<o d="2019-04-01"><v s="COSTS">7</v><v s="BOS_2025Q1_C9_S2">3.23</v></o>
<o d="2019-07-01"><v s="COSTS">13</v><v s="BOS_2025Q1_C9_S2">3.00</v></o>
<o d="2019-10-01"><v s="COSTS">11</v><v s="BOS_2025Q1_C9_S2">3.22</v></o>
<o d="2020-01-01"><v s="COSTS">10</v><v s="BOS_2025Q1_C9_S2">2.79</v></o>
<o d="2020-04-01"><v s="COSTS">-35</v><v s="BOS_2025Q1_C9_S2">1.45</v></o>
<o d="2020-07-01"><v s="COSTS">-21</v><v s="BOS_2025Q1_C9_S2">2.15</v></o>
<o d="2020-10-01"><v s="COSTS">0</v><v s="BOS_2025Q1_C9_S2">3.31</v></o>
<o d="2021-01-01"><v s="COSTS">20</v><v s="BOS_2025Q1_C9_S2">2.55</v></o>
<o d="2021-04-01"><v s="COSTS">43</v><v s="BOS_2025Q1_C9_S2">4.02</v></o>
<o d="2021-07-01"><v s="COSTS">50</v><v s="BOS_2025Q1_C9_S2">4.37</v></o>
<o d="2021-10-01"><v s="COSTS">72</v><v s="BOS_2025Q1_C9_S2">4.80</v></o>
<o d="2022-01-01"><v s="COSTS">68</v><v s="BOS_2025Q1_C9_S2">5.16</v><v s="BOS_2025Q1_C9_S3">3.4</v></o>
<o d="2022-04-01"><v s="COSTS">61</v><v s="BOS_2025Q1_C9_S2">5.84</v></o>
<o d="2022-07-01"><v s="COSTS">38</v><v s="BOS_2025Q1_C9_S2">4.92</v><v s="BOS_2025Q1_C9_S3">3.8</v></o>
<o d="2022-10-01"><v s="COSTS">31</v><v s="BOS_2025Q1_C9_S2">4.66</v><v s="BOS_2025Q1_C9_S3">3.5</v></o>
<o d="2023-01-01"><v s="COSTS">22</v><v s="BOS_2025Q1_C9_S2">4.67</v><v s="BOS_2025Q1_C9_S3">3.2</v></o>
<o d="2023-04-01"><v s="COSTS">-19</v><v s="BOS_2025Q1_C9_S2">4.48</v><v s="BOS_2025Q1_C9_S3">3.7</v></o>
<o d="2023-07-01"><v s="COSTS">-50</v><v s="BOS_2025Q1_C9_S2">4.30</v><v s="BOS_2025Q1_C9_S3">3.4</v></o>
<o d="2023-10-01"><v s="COSTS">-22</v><v s="BOS_2025Q1_C9_S2">4.13</v><v s="BOS_2025Q1_C9_S3">3.3</v></o>
<o d="2024-01-01"><v s="COSTS">-18</v><v s="BOS_2025Q1_C9_S2">4.12</v><v s="BOS_2025Q1_C9_S3">3.2</v></o>
<o d="2024-04-01"><v s="COSTS">-46</v><v s="BOS_2025Q1_C9_S2">3.42</v><v s="BOS_2025Q1_C9_S3">3.3</v></o>
<o d="2024-07-01"><v s="COSTS">-36</v><v s="BOS_2025Q1_C9_S2">3.52</v><v s="BOS_2025Q1_C9_S3">2.9</v></o>
<o d="2024-10-01"><v s="COSTS">-42</v><v s="BOS_2025Q1_C9_S2">3.26</v><v s="BOS_2025Q1_C9_S3">2.8</v></o>
<o d="2025-01-01"><v s="COSTS">-33</v><v s="BOS_2025Q1_C9_S2">3.37</v><v s="BOS_2025Q1_C9_S3">2.5</v></o>
</observations>
</data>