August 2024 Sees Slight Increase in Payroll Employment and Stable Job Vacancies

In August 2024, payroll employment in Canada saw a slight increase of 13,500 positions. This follows a rise of 39,500 jobs in July and a decrease of 22,900 in June. Over the year, payroll employment increased by 176,700 jobs, marking a 1.0% rise.

Job vacancies remained relatively stable at 518,300 in August, after experiencing three consecutive months of decline. Compared to the same period last year, job vacancies decreased by 176,300, representing a 25.4% drop.

Average weekly earnings for Canadian workers were reported at $1,270.46 in August, reflecting a 4.6% increase from the previous year. This growth in earnings is attributed to various factors, including changes in wages, employment composition, and hours worked.

The unemployment-to-job vacancy ratio increased for the fifth consecutive month, with 2.7 unemployed persons for every job vacancy in August, up from 2.6 in June. This change is linked to the reduction in job vacancies by 22,000, a 4.0% decrease.

In terms of sector-specific changes, health care and social assistance, public administration, and wholesale trade sectors saw payroll employment increases in August. However, these gains were offset by declines in sectors such as arts, entertainment, recreation, and construction.