The number of job openings in Canada has hit an all-time high
Manish Srivastava
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Employers across all sectors in Canada were actively seeking to fill nearly one million (997,000) vacant positions in the second quarter, the highest quarterly number on record.
Job Vacancy Rate
According to Statistics Canada, the job vacancy rate for the second quarter of 2022 is 5.7%.
Results of the Job Vacancy and Wage Survey report for the second quarter of 2022 have been made public by Statistics Canada. The overall rate of vacancies increased from the first quarter of 2022 by 4.7% and from the second quarter of 2021 by 42.3%.
Overall, there are around one million open positions in Canada, which is an all-time high rate of 5.7%. The number of open positions that correspond to the overall labour demand is used to compute vacancies.
The present record-high number of job openings is the result of the rise in labour demand outpacing growth in payroll employment since the first quarter of 2020.
Some industries' wage growth is not keeping pace with the consumer price index.
The average hourly income paid across all industries, according to the research, has climbed by 5.3% during the second quarter of 2021. At the moment, it is $24.05 per hour. Contrary to this increase, the average hourly salary for all presently employed workers increased by just 4.1%.
The growth in the consumer price index (CPI), a crucial indicator of inflation, is not comparable to that of these increases. When compared to the same time in 2021, the CPI rose by 7.5%.
The likelihood of a rise in pay was highest for jobs in five industries. The highest rise, 11.3%, was in the professional, scientific, and technological industries, with an average hourly income of $37.05. Jobs in the wholesale trade pay on average $26.10 per hour.
While healthcare and social assistance increased just 3.6% over the previous year to $25.85, retail trade employment salaries increased only 5.7%, less than the CPI. In general, most job openings reflect hourly salaries that are equal to or lower than the CPI for the second quarter of 2022.
In which province of Canada did the number of open positions grow greatest in 2022?
There were more open positions in 6 provinces of Canada in 2022 Q2 compared to the first quarter. The following provinces and the percentage increase in job openings were:
? Ontario (+6.6%)
? Nova Scotia (+6.0%)
? British Columbia (+5.6%)
? Manitoba (+5.2%)
? Alberta (+4.4%)
? Quebec (+2.4%)
The number of open positions increased between the first and second quarters of 2022 in six provinces. The highest rise was in Ontario, where job openings increased by 6.6% to 379,700 overall. A 6% increase was also seen in Nova Scotia. There were increases in British Columbia, Manitoba, Alberta, and Quebec ranging from 5.6% to 2.4%
What are the job openings in each industry in Canada?
Following are the job openings in Canada in the second quarter of 2022, broken down by industry:
? Health care and social assistance: 136,100
? Accommodation and food services: 149,600
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? Professional, scientific and technical services sector: 74,600
? Retail trade: 112,700
? Manufacturing: 85,900
? Construction: 82,900
Why does it signify that?
Due to the high job vacancy rate and low unemployment rate, some firms are having trouble filling open positions and are having to extend the hiring process. Only 44 employees were employed for every 100 openings during the second quarter. As more than nine million Canadians approach the retirement age of 65 and the birth rate stays low at 1.4 children per woman, the labour shortage in Canada is anticipated to intensify through 2030.
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