According to the most recent data on job openings, payroll, and wages from Statistics Canada, Canadian companies actively sought to fill over one million vacant jobs by the middle of March 2022.
In March, Canada’s job openings hit a record 1,012,900, surpassing the 988,300 set in September 2021. The number of vacant positions increased by 186,400 between February and March.
The job vacancy rate, which gauges the empty and filled positions, reached the record high of 5.9 percent reported in September of last year (not seasonally adjusted).
Vacancies were boosted by more than a third in the retail sector, lodging and food services, and both. The lodging and food services industry had around 158,100 open positions, while the retail sector had approximately 109,200 openings.
There were record numbers of open positions in health care, social support, and construction. Businesses in health care and social support sought to fill 154,500 vacancies, while construction employers sought 81,900 workers.
All provinces had an increase in job opportunities. Saskatchewan, Nova Scotia, Newfoundland, and Labrador saw the greatest month-over-month increases. The number of job openings in Nova Scotia, Manitoba, and British Columbia reached an all-time high.
There were 1.2 jobless individuals for every job opening in March, down from 1.4 in February. This reduction corresponds with a record-low unemployment rate of 5.3% and a record-high core-age workforce participation rate of over 87%.
In Quebec and British Columbia, where the unemployment-to-open-positions ratio was 0.8, labor shortages were felt most strongly. A lower ratio suggests a more competitive labor market. Newfoundland and Labrador had the highest value of 4.3.
Due to seasonal demand, the number of job openings fell for five consecutive months beginning in September 2021. Spring and summer are the peak seasons for business growth in Canada, while winter is the slowest.
On June 24, Statistics Canada is anticipated to announce employment vacancy statistics for April 2022. On June 21, 2022, the Job Vacancy and Wage Survey findings for the first quarter of 2022 will be announced.
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