Canada Sees Decline in Payroll Employment and Job Vacancies in June 2024

In June 2024, payroll employment in Canada decreased by 47,300 jobs, a 0.3% decline from the previous month. This decrease follows five consecutive months of increases from January to May, which saw a cumulative gain of 147,600 jobs, or 0.8%. Year-over-year, payroll employment increased by 110,400 jobs, or 0.6%.

Average weekly earnings for employees in Canada were $1,252.85 in June 2024, reflecting a 4.0% increase compared to the same month in the previous year. The average weekly hours worked remained unchanged from the previous month but increased by 0.6% year-over-year to 33.5 hours.

Job vacancies in June 2024 remained steady at 554,000. However, this represents a significant year-over-year decrease of 190,500 vacancies, or 25.6%. The job vacancy rate held steady at 3.1%, down from 4.2% in June 2023. The unemployment-to-job vacancy ratio increased to 2.6, up from 2.5 in the previous month, indicating a cooling labor market.

Payroll employment saw declines in several sectors. Retail trade experienced the largest drop with a decrease of 15,100 jobs, or 0.8%. Manufacturing followed with a loss of 10,600 jobs, or 0.7%, and construction saw a decline of 7,700 jobs, or 0.7%. Administrative and support, waste management, and remediation services also reported a decrease of 6,600 jobs, or 0.8%. Conversely, the mining, quarrying, and oil and gas extraction sector added 2,500 jobs, a 1.2% increase.

The data for this report was collected through the Survey of Employment, Payrolls and Hours (SEPH) and the Job Vacancy and Wage Survey (JVWS). The SEPH provides detailed information on payroll employment, earnings, and hours worked, while the JVWS offers insights into job vacancies and offered wages across various sectors and regions in Canada.