Canadian job vacancies have reached another all-time high

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 Canadian job vacancies have reached another
all-time high

• www.esseindia.com

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Canadian job vacancies
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Statistics Canada says the job vacancy rate
stands at 5.7 for the second quarter of 2022.

• Statistics Canada has released results of the Job
  Vacancy and Wage Survey report for the second
  quarter of 2022. Overall, vacancies were up 4.7
  from the first quarter of 2022 and 42.3 higher
  than the second quarter of 2021.
• There are nearly one million job vacancies in
  Canada across all sectors, or an overall rate of
  5.7, an all-time high. Vacancies are calculated
  as the number of vacant positions as they
  correspond to total labour demand.

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Wage increases in some sectors are not matching
the consumer price index

• The report found that the average hourly wage
  offered across all sectors has increased by 5.3
  over the second quarter of 2021. It currently
  stands at 24.05 per hour. This rise is different
  from the hourly average wages of all employees,
  those currently employed, which rose only 4.1
  in comparison.
• These increases do not equal the rise in the
  consumer price index (CPI), a key measure of
  inflation. The CPI increased by 7.5 compared to
  the same period in 2021.

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• Jobs in five sectors were most likely to reflect
  a wage increase. The professional, scientific,
  and technical sectors saw the largest increase,
  11.3, to an average hourly wage of 37.05.
  Wholesale trade jobs average 26.10 per hour.
• Conversely, retail trade job wages rose only
  5.7, lower than the CPI and the healthcare and
  social assistance rose only 3.6 over last year
  to 25.85. Overall, the majority of job vacancies
  are reporting hourly wages that are on par with,
  or below , the CPI for the second quarter of
  2022.

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Vacancies are rising in six provinces 

• Job vacancies rose in six provinces between the
  first and second quarters of 2022. Ontario saw
  the largest increase, rising 6.6 to a total of
  379,700 job vacancies. Nova Scotia also
  experienced a rise of 6. British Columbia,
  Manitoba, Alberta and Quebec saw rises between
  5.6 and 2.4
• The only province to show a decrease in job
  vacancies was New Brunswick, which dropped 6.1
  to 15,200 open positions. There was no notable
  change in the remaining provinces and territories.

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• There was an average ratio of 1.1 unemployed
  people for each job vacancy in Canada. This is
  down from 1.3 people for each job in the first
  quarter of 2022 and 2.3 people from the same time
  last year.
• Quebec and British Columbia report only 0.8
  people for each job vacancy. Conversely,
  Newfoundland and Labrador is outside the average
  at 3.3 unemployed people for every vacant job.

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Vacancies per sector

• Healthcare and social assistance
• There was little change in the number of job
  vacancies in the healthcare and social assistance
  sector between the first and second quarter this
  year, 135,300 to 136,100, or almost 6. However,
  it is up almost 29 from the second quarter of
  2021. A shortage of staff has meant that some
  hospitals have had to reduce services, such as
  temporarily closing emergency rooms.
• Manitoba is experiencing the highest job vacancy
  rate in the healthcare sector at 6.7.

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Accommodation and food services

• Job vacancies in the accommodation and food
  services sector rose a significant 12.7 to
  149,600 vacant jobs in the second quarter, or an
  overall job vacancy rate of 10.9. This is the
  highest job vacancy rate across all sectors and
  is particularly pronounced in the Kootenay region
  of British Columbia.

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Professional, scientific, and technical services

• Jobs in this sector reached a high of 74,600 job
  vacancies, up nearly 8, over the last quarter
  and 79 higher than it was in the first quarter
  of 2020. Toronto, Montreal and Vancouver and the
  surrounding area accounted for over half of these
  vacancies.
• The largest rise was in occupations in the
  natural and applied sciences, at 13.3. Tech
  occupations in the natural and applied sciences
  also significantly rose this quarter to 9.6.

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What does it mean?

• The high job vacancy rate combined with the low
  rate of unemployment means some employers are
  having difficulties filling vacant positions and
  experiencing a longer hiring process. Through the
  second quarter there were only 44 people hired
  for every 100 vacancies. Canadas labour
  shortage is expected to become more acute into
  2030 as over nine million Canadians reach the
  retirement age of 65 and the birth rate remains
  low at 1.4 children per woman.

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Thank You