The number of job vacancies in the country hit 1,005,700 in May, slightly above the peak seen in April, according to Statistics Canada data released on Thursday.
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However, the number of job vacancies is up 42.5% (+300,100) compared to May 2021, the federal agency noted, which states that this figure “rised steadily through December 2021, before picking up somewhat in recent months stabilized.
Canada’s job vacancy rate remained steady at 5.8% for the second straight month, but increased by 4.4% year-on-year.
“Due to the low unemployment rate of 5.1% and the high number of vacancies, the unemployment rate was 1.1 in May, compared to 2.4 a year earlier. A lower unemployment-to-vacancy ratio indicates a tighter labor market and possible labor shortages,” said Statistics Canada.
Health and social care saw the largest increase in job vacancies (+14.5%) to 143,400 in May. In the other sectors, the number of vacancies remained almost unchanged month-on-month. This applies in particular to accommodation and catering (161,100), retail (99,200), manufacturing (86,800), construction (84,600) and transport and warehousing (51,100), whose job vacancies hardly changed in May .
According to Statistics Canada, job vacancies in Nova Scotia (+22.1% to 24,600) and Manitoba (+15.3% to 32,200) hit record highs.
The ratio of unemployed to vacancies also varied from state to state. While in Quebec (0.7) and British Columbia (0.8) there was less than one unemployed person for every vacancy, in Newfoundland and Labrador (3) there were almost three unemployed persons for every vacancy, “one unemployment to one job vacancy ratio higher than in all other federal states,” according to the federal organization.
Statistics Canada also pointed out that almost all provinces saw wage increases in more than half of sectors. Average weekly earnings increased by 2.5% yoy, “representing a lower growth rate than in April (+3.2%) and March (+4.2%)”, but it was specified.
In comparison, the consumer price index (CPI) rose by 7.7% in May.