Job Vacancies Decline in Canada During Second Quarter of 2024

Job vacancies in Canada decreased by 59,000, or 9.2%, in the second quarter of 2024, totaling 582,600. This marks the eighth consecutive quarterly decline since the record high of 983,600 in the second quarter of 2022. The decline in job vacancies was approximately double that of the previous quarter, which saw a decrease of 30,200, or 4.5%.

In the second quarter, job vacancies fell for both permanent positions (down 43,400, or 8.3%) and temporary positions (down 15,600, or 12.9%). Full-time positions decreased by 45,400, or 9.5%, while part-time positions saw a reduction of 13,600, or 8.3%. Despite the decline in vacancies, payroll employment increased by 62,000, or 0.4%.

The job vacancy rate, which represents the number of vacant positions as a proportion of total labor demand, decreased by 0.3 percentage points to 3.3%. This rate is the lowest it has been since the first quarter of 2020. The unemployment-to-job vacancy ratio rose to 2.4 unemployed persons for every job vacancy, reflecting a trend that has been increasing since the third quarter of 2022.

The overall labor market appears to be easing, with the number of unemployed persons increasing by 315,600, or 29.9%, contributing to the rising unemployment-to-job vacancy ratio. This data is based on the Job Vacancy and Wage Survey conducted by Statistics Canada.