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Canadian vacancies continue climbing to new record heights in June

Canadian vacancies continue climbing to new record heights in June

In June, the number of unfilled positions in Canada reached new all-time highs. a summary of open positions in Canada as of June 2022.

For the month of June 2022, Statistics Canada just released its monthly update on payroll employment, wages, and hours worked. This update's section on job openings stated that there were more than 1,000,000 open positions in Canada in May of this year.

The number of openings is steadily increasing to record levels. In Canada, there are now 32,200 more open positions than there were one month ago (between May and June 2022), an increase of 3.2%. As a result, Canada has experienced three months in a row with more than 1 million open positions.

With the rate of job vacancies in June increasing by 1% from the same month last year and tying a record high set in September 2021 (5.9%), there are now more unfilled positions in Canada's total labor demand, which was 17.7 million in June (the sum of filled and vacant work positions).

There are more than 6% of open positions in the social assistance and health care sectors. Since June of last year, job openings in the health care and social support sector have increased by 40.8%. In other words, there were 149,700 open positions in this industry in June, with a job vacancy rate of 6.3%, which is 0.4% higher than the national average.

Other industries with substantial employment openings include retail commerce and lodging and food. The hospitality and food industry performed worse than healthcare and social support, with 171,700 job openings in June, an increase of 6.6% from StatsCan's May report and a 38.8% year-over-year increase. During this time, the overall employment vacancy rate in this industry was 12.2.

Since May, there have been 15,200 additional job openings in the retail trade industry, representing a 15.3% increase in employment opportunities. The number of open positions in the retail trade sector has increased by 22.5% since June 2021, totaling 114,400, which translates to a 5.4% job vacancy rate.

Quick statistics on job openings across more industries. Here are some basic facts regarding the number of open positions in five more significant Canadian job sectors as of June 2022.

- 89,200 job openings in construction

- 82,800 job openings in manufacturing

- 72,200 job openings in professional, scientific, and technological services

- 49,000 job openings in transportation and warehousing

- 41,200 job openings in finance and insurance

What does all of this mean?

The unemployment-to-job-vacancy ratio nationwide "hit a record low of 1.0 in June, suggesting that there was one unemployed person for every vacant position," according to Statistics Canada's most recent data on job openings in Canada.

Despite the fact that this ratio applies to the entire nation, it is noteworthy that four provinces had an unemployment-to-job-vacancy ratio of less than one (1.0) in June. These were Manitoba (0.6), Saskatchewan (0.8), British Columbia (0.7), and Quebec (0.6). (0.9). Newfoundland and Labrador, on the other hand, had the highest ratio of any province during this reporting period, at 2.7.

In June 2021, the unemployment-to-job-vacancy ratio in Canada was officially 1.9, almost twice what it is now. This statistic is consistent with the report's most important result, which is that unemployment is continuing to decline nationwide even as job openings are increasing.

Canada will look to immigration as one way to increase the country's workforce in order to address this issue, with the government planning to extend invitations to its highest-ever number of prospective permanent residents between now and 2024. (including annual targets ranging from 430,000 to over 450,000).

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