According to a Statistics Canada report, the number of job openings in Canada is at an all-time high.
As of early March 2022, Canadian employers were actively searching for more than one million job openings. This is according to Statistics Canada’s latest report on job openings, payroll, and earnings.
The number of job openings in Canada reached a record high of 1,012,900 in March, surpassing the previous record of 988,300 set in September 2021. Between February and March, the number of job openings increased by 186,400, and the vacancy rate, which measures the number of job openings relative to the number of vacancies and filled positions, reached a record high of 5.9%, which was also observed last September (not seasonally adjusted).
Job Vacancies increased by more than one-third in both accommodation and food services and retail trade. Employers in accommodation and food services were looking for about 158,100 jobs, and employers in the retail trade had about 109,200 job openings to fill.
Health care and social assistance and construction posted record numbers of job openings. In health care and social assistance, employers were looking for 154,500 job openings, and in construction, there were 81,900 jobs to fill, the most ever.
Job openings increased in all provinces. The largest month-over-month increases were in Saskatchewan, Nova Scotia, Newfoundland, and Labrador. Job openings reached record highs in Nova Scotia, Manitoba, Saskatchewan, and British Columbia.
In March, there was an average of 1.2 unemployed persons for every job opening, down from 1.4 in February. This decline coincides with a record low unemployment rate of 5.3% and a record high labor force participation rate in the core age group of nearly 87%.
Labor shortages were most pronounced in Quebec and British Columbia, where the unemployment-to-vacancy ratio was 0.8 in each case. A lower ratio indicates a tighter labor market. The highest value, 4.3, was observed in Newfoundland and Labrador.
The number of job openings had fallen for five consecutive months since September 2021, reflecting seasonal demand. In Canada, economic activity increases in the spring and summer and decreases in the winter.
Statistics Canada is expected to release job vacancy data for April 2022 on June 24. The Job Vacancy and Wage Survey results for the first quarter of 2022 will be released on June 21.
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