Walmart Canada raises hourly store wages for about 40,000 workers

(Reuters) - Walmart Canada said on Thursday it has invested $53 million to increase hourly wages for about 40,000 of its store associates earlier this month.

The move comes at a time when Walmart has been increasing investments over the last few months for its U.S. store workers to retain more employees.

The retailer raised the annual average salary and bonus for its U.S. store managers from Feb. 1.

The company said in June it would pay bonuses to its U.S. hourly store workers, including those at its pharmacy and Vision Center stores, a move that could boost wages for 700,000 of its front-line staff.

Canada's inflation has been easing, with the annual inflation rate slowing more than expected in June, while its unemployment rate rose to a 29-month high, highlighting that people might be losing jobs as the labor market struggles to absorb a rapidly swelling population.

Walmart Canada operates a chain of more than 400 stores nationwide and employs more than 100,000 associates.

The company is also investing in digital handheld devices for store associates that will help them look up items faster, it said on Thursday.

(Reporting by Savyata Mishra in Bengaluru; Editing by Shailesh Kuber)