However, the number of job vacancies has increased by 42.5% (+300,100) compared to May 2021, the federal agency noted, specifying that this number “risen steadily through December 2021 before stabilizing somewhat in recent months Has.
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Canada’s job vacancy rate remained steady at 5.8% for the second straight month, but increased 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.
The health and social welfare sector saw the largest increase in job vacancies (+14.5%), reaching 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 unemployment to job vacancies also varied from province to province. 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, “a ratio of unemployed to vacant positions 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 was specified.
In comparison, the consumer price index (CPI) rose by 7.7% in May.