Job Vacancies Continue to Tumble, Canada Now Has 2.3 Unemployed Persons for Every Job Vacancy
Recent data from Statistics Canada reveals a continued decline in job vacancies across the country. In April 2024, job vacancies fell by 5.3% to 575,400, marking the third consecutive monthly decrease and reaching the lowest level since January 2021.
The job vacancy rate dropped to 3.2% in April, down 0.2 percentage points from March and 1.3 percentage points lower than the previous year. This shift has led to a worrying increase in the unemployment-to-job vacancy ratio, with 2.3 unemployed persons for every job vacancy in April, up from 2.2 in March.
Payroll employment also experienced a decline, falling by 22,700 (0.1%) in April following three months of consecutive increases. The manufacturing sector was hit hardest, shedding 6,000 jobs (0.4%).
The top 3 sectors with payroll growth, as Kirk Lubimov notes in the above post, are taxpayer-dollar-supported jobs, further reinforcing how the country’s public sector bloat has long masked a struggling private job market.
Average weekly earnings showed a slight increase, rising 3.7% year-over-year to reach $1,240 in April. However, this growth remained unchanged for the third consecutive month when viewed on a month-to-month basis.
The decline in job vacancies was widespread, affecting seven sectors including manufacturing, retail trade, and transportation and warehousing. Geographically, Ontario, Alberta, Manitoba, and Prince Edward Island saw the most significant decreases.
British Columbia maintained the highest job vacancy rate at 4.0%, while also boasting the lowest unemployment rate (5.0%) and unemployment-to-job vacancy ratio (1.5) among all provinces.
Information for this story was found via Statistics Canada, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
