Canada

An economist can tell me how productive stock buybacks and CEO and executive salary raises are because they too are at record levels post-pandemic.

This is the best summary I could come up with:

It also stands to add to unit labor costs, a key measure of inflation pressures coming from higher wages.

But data on Tuesday showed it rising more than expected to 4% in August, led by higher gasoline prices, while wage growth accelerated last month to an annual rate of 5.2%.

Output per hour worked has been in freefall," Derek Holt, head of capital markets economics at Scotiabank, said in a note.

Rising unit labor costs mean a choice for the economy - either businesses reduce their headcount to protect profits or monetary policy tightens further, Holt said.

Record levels of immigration have boosted Canada's economic growth in recent years but per capita GDP has grown much more slowly compared to the United States.

So we bring more people in, or we run our plants harder," said Dennis Darby, president and CEO of Canadian Manufacturers & Exporters, which represents 2,500 companies.

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