Statistics Canada reports a sharp decline in job vacancies, while payroll employment rises slightly
Statistics Canada reported a decrease in job vacancies by 59,000 (-9.2 percent) to 582,600 in the second quarter of 2024.
This marks the eighth consecutive quarterly decline, with a significant drop from the record high of 983,600 in the second quarter of 2022. The decline was nearly double the previous quarter's drop of 30,200 (-4.5 percent).
Both permanent (-43,400; -8.3 percent) and temporary positions (-15,600; -12.9 percent) saw declines. Vacancies also decreased for full-time (-45,400; -9.5 percent) and part-time (-13,600; -8.3 percent) positions.
However, payroll employment increased by 62,000 (+0.4 percent) during the second quarter, with total labour demand remaining steady compared to the first quarter of 2024.
The job vacancy rate fell 0.3 percentage points to 3.3 percent in the second quarter of 2024, the lowest since the first quarter of 2020.
The unemployment-to-job vacancy ratio continued its upward trend, reaching 2.4 unemployed persons for every job vacancy, reflecting a decrease in job vacancies (-374,500; -39.2 percent) combined with an increase in unemployed persons (+315,600; +29.9 percent).
Job vacancies declined in seven of the ten broad occupational groups.
The largest drops were in trades, transport, and equipment operators (-19,200; -15.3 percent), sales and service occupations (-18,400; -9.9 percent), business, finance, and administration (-4,600; -5.8 percent), and natural and applied sciences (-4,500; -9.6 percent).
Vacancies remained relatively stable in natural resources, agriculture, art, culture, sport, and senior management occupations.
In trades, transport, and equipment operators, job vacancies decreased for the eighth consecutive quarter, down 19,200 (-15.3 percent) to 105,900 in the second quarter of 2024, a significant reduction from the 195,000 recorded in the second quarter of 2022.
Year-over-year, the decline was 46,900 (-29.0 percent), with transport truck drivers, construction trades helpers, and residential installers seeing the largest decreases.
Sales and service occupations continued their downward trend, with vacancies dropping by 18,400 (-9.9 percent) to 168,400 in the second quarter, marking the seventh consecutive quarterly decline.
Vacancies for food counter attendants, retail salespersons, and customer service representatives showed the most significant year-over-year drops.
Job vacancies in business, finance, and administration occupations fell by 4,600 (-5.8 percent) to 75,100, the lowest level since the first quarter of 2021.
The largest decreases were in advertising, marketing, public relations, accounting clerks, and administrative assistants.
Health occupations saw a decrease in vacancies of 3,900 (-4.3 percent) to 88,600 in the second quarter, marking the first notable quarterly decline since the third quarter of 2022.
Year-over-year, vacancies for registered nurses, nurse aides, and licensed practical nurses fell, and the proportion of long-term vacancies also declined.
Average hourly wages for vacant positions increased by 6.8 percent to $26.80 year-over-year in the second quarter, while wages for full-time positions grew 6.6 percent and part-time positions increased by 7.7 percent.
Positions requiring a high school diploma or lower drove most of the overall decline in vacancies.
Job vacancies decreased in 25 of 69 economic regions, with Quebec, Prince Edward Island, Ontario, Alberta, Saskatchewan, British Columbia, and Yukon seeing the largest reductions.
Year-over-year, job vacancy rates declined in 60 of 69 regions, with Quebec experiencing the largest drop among all provinces.
Southwest Manitoba was the only region to see an increase in the job vacancy rate, rising by 0.5 percentage points to 4.3 percent in the second quarter of 2024.
