Statistics Canada released a month-wise update related to job vacancies for June. The update was a part of the payroll, employment, job vacancies, earnings, and hours. Canada comprised over 1,000,000 employment vacancies in May 2022.
Vacancies are still on the rise
Compared to the previous month, there is a rise in the number of vacancies by 3.2 percent between May and June in 2022. Over 32,200 job vacancies were open across Canada.
Including June, a total of three months witnessed above 1 million job vacancies in Canada.
The vacancy rate is up to 5.9 percent in June. Compared to 2021, there is a one percent increase. However, it meets the standard rate set in September 2021. The entire Canadian labor demand is a combination of vacant as well as filled job positions, which was 17.7 million as calculated for June. However, the proportion is greatly inclined toward unfilled job profiles.
6% job vacancy rate- Health care and social assistance sector
Comparable data suggests that as opposed to June in 2021, this year’s job vacancy rate in sectors including health care and social assistance has risen to 40.8 percent. In the above sectors, there were about 149,700 vacant job positions available, with a 4 percent job vacancy rate in June. The vacancy rate is 0.4 percent more than Canada’s total vacancy rate.
Retail Trade and accommodation and food- job vacancies
The accommodation and food sector saw a rise in job vacancies with 171,700 job vacancies open in June. There was an increase of 6.6 percent since May and an annual increase of 38.8 percent. The job vacancy rate equals 12.2 percent in the sector. Retail Trade comprised 15.3 percent more jab vacancies for potential employees, with 15, 200 employment vacancies compared to the ones in May. The increase in the percentage of job vacancies is 22.5 percent compared to June 2021. There are a number of vacant positions up to 114,400 and a job vacancy rate of 5.4 percent.
Job vacancies- other sectors
Let’s check out the job vacancy statistics of five primary employment sectors in Canada:
- The job vacancies available in the Finance and Insurance sectors are 41, 200 job vacancies.
- 72, 200 vacancies for job positions in professional, technical, and scientific services.
- 82,800 vacant jobs in the Manufacturing sector.
- The construction sector comprised 89,200 vacant jobs.
- The Warehousing and Transportation sector had 49,000 unfilled jobs available.
Conclusion
As per the report of Statistics Canada, the unemployment rate against the available unfilled job vacancies reached an all-time low of 1.0 in June. This ratio indicates that there was at least one unemployed individual against each vacant position in Canada. In fact, four Canadian provinces even had a ratio of unemployment to unfilled job vacancies below 1.0 in June. The provinces were namely British Columbia at 0.7, Manitoba at 0.9, Quebec at 0.6, and Saskatchewan at 0.8.
Contrarily, Newfoundland and Labrador witnessed the highest ratio at 2.7. Overall, the ratio in Canada was 1.9 in June last year. However, this year it has been observed that there is a consistent decline in unemployment due to the high number of job vacancies available in Canada.
Canada’s key solution is the immigration factor as it deeply relies on it to increase the workforce. The highest target figure to welcome permanent residents by 2024 falls between 430,000 and 450,000.
