Job vacancies in Canada record 8th consecutive quarterly drop

(MENAFN) In the second quarter of 2024, Canada’s job vacancies experienced a notable decline, continuing a downward trend that has persisted for eight consecutive quarters. According to Statistics Canada, the number of job vacancies fell by 59,000, or 9.2 percent, to a total of 582,600. This drop follows a previous peak of 983,600 vacancies recorded in the second quarter of 2022, indicating a substantial reduction in available positions.

The decrease in vacancies during the second quarter was significantly larger than the reduction observed in the first quarter of the year, where job vacancies fell by 30,200, or 4.5 percent. Notably, permanent positions saw a decrease of 43,400, or 8.3 percent, while temporary roles declined by 15,600, or 12.9 percent. Full-time positions were particularly hard-hit, with a drop of 45,400, or 9.5 percent, compared to a smaller decrease of 13,600, or 8.3 percent, in part-time positions.

The job vacancy rate, which measures the proportion of vacant positions relative to total labor demand, also fell, decreasing by 0.3 percentage points to 3.3 percent in the second quarter. This decline continues the trend of decreasing vacancy rates over the past two years, reflecting a tighter labor market.

Additionally, the ratio of unemployed persons to job vacancies rose to 2.4 in the second quarter of 2024, marking a continuous upward trend since the third quarter of 2022. This increase in the unemployment-to-job vacancy ratio indicates a growing disparity between the number of available jobs and the number of job seekers, driven by both a reduction in job vacancies and an increase in the number of unemployed individuals.