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Canadian job vacancies have reached another all-time high

Canadian job vacancies have reached another all-time high

According to Statistics Canada, the unemployment rate for the second quarter of 2022 is 5.7%. Results of the Job Vacancy and Wage Survey report for the second quarter of 2022 have been made public by Statistics Canada. The overall rate of vacancies increased from the first quarter of 2022 by 4.7% and from the second quarter of 2021 by 42.3%.

Overall, there are around one million open positions in Canada, which is an all-time high rate of 5.7%. The number of open positions that correspond to the overall labor demand is used to compute vacancies. The present record high is the result of the growth in labor demand beginning in the first quarter of 2020 outpacing growth in payroll employment.

Some industries' wage growth is not keeping pace with the consumer price index. The average hourly income paid across all industries, according to the research, has climbed by 5.3% during the second quarter of 2021. At the moment, it is $24.05 per hour. Contrary to this increase, the average hourly wage for all currently employed workers increased by only 4.1%.

The growth in the consumer price index (CPI), a crucial indicator of inflation, is not comparable to that of these increases. Compared to the same time in 2021, the CPI rose by 7.5%. The likelihood of an increase in pay was highest for jobs in five industries. The highest rise, 11.3%, was in the professional, scientific, and technological industries, with an average hourly income of $37.05. 

Jobs in the wholesale trade pay on average $26.10 per hour. While healthcare and social assistance increased only 3.6% over the previous year to $25.85, retail trade job salaries increased only 5.7%, less than the CPI. In general, most job openings reflect hourly salaries that are equal to or lower than the CPI for the second quarter of 2022.

Six provinces have an increase in vacancies. The number of open positions increased between the first and second quarters of 2022 in six provinces. The highest rise was in Ontario, where job openings increased by 6.6% to 379,700 overall. A 6% increase was also seen in Nova Scotia. There were increases in British Columbia, Manitoba, Alberta, and Quebec ranging from 5.6% to 2.4%

New Brunswick was the only province where job openings fell, with a 6.1% decline to 15,200 positions available. The remaining provinces and territories did not experience any significant change.

In Canada, there were on average 1.1 unemployed workers for every open position. This is a decrease from 2.3 persons for every job last year to 1.3 people for every job in the first quarter of 2022.

For every employment opening, only 0.8 persons are reported in Quebec and BC. In contrast, Newfoundland and Labrador deviate from the norm with 3.3 unemployed individuals for every open position. 

Vacancies by industry

- Medications and social services

The number of open positions in the healthcare and social support sector decreased slightly between the first and second quarters of this year, from 135,300 to 136,100, or nearly 6%. But it has increased by about 29% during the second quarter of 2021. Some hospitals had to cut back on services due to a staffing shortfall, including temporarily closing emergency rooms. At 6.7%, Manitoba has the highest job vacancy rate in the healthcare industry.

- Accommodation and dining options

In the second quarter, the number of open positions in the lodging and food services industry increased significantly by 12.7%, reaching 149,600, for a 10.9% overall job vacancy rate. This is the greatest rate of open positions across all industries, and it is especially pronounced in the Kootenay of British Columbia.

- services that are expert, scientific, and technical

Jobs in this industry peaked at 74,600 open positions, up over 8% from the previous quarter and 79% from the first quarter of 2020. Over half of these positions were in Toronto, Montreal, Vancouver, and the surrounding area.

Jobs in the scientific and applied sciences saw the biggest increase, at 13.3%. The percentage of tech jobs in the natural and applied sciences increased this quarter by a significant amount to 9.6%.

Why does that matter?

Due to the high job vacancy rate and low unemployment rate, some firms are having trouble filling open positions and are having to extend the hiring process. Only 44 employees were employed for every 100 openings during the second quarter. 

As more than nine million Canadians approach the retirement age of 65 and the birth rate stays low at 1.4 children per woman, the labor shortage in Canada is anticipated to worsen into 2030.

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