Job vacancies in Canada dropped by 24,300 (3.6%) to 648,600 in the first quarter of 2024, continuing a downward trend for the seventh consecutive quarter since peaking at 983,600 in the second quarter of 2022.
Permanent positions saw the largest decline, falling by 24,500 (4.5%), while temporary positions remained relatively unchanged. Full-time job vacancies decreased by 15,400 (3.1%), and part-time positions saw a reduction of 8,900 (5.1%).
Despite the decline in job vacancies, payroll employment remained steady in the first quarter. The overall labor demand, which includes both filled and vacant positions, saw a slight decrease of 0.1% from the previous quarter and was nearly the same as the first quarter of the previous year.
The job vacancy rate, representing the proportion of vacant positions to total labor demand, decreased by 0.2 percentage points to 3.6%, the lowest since the first quarter of 2020.
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Unemployment and Job Vacancies
In the first quarter of 2024, there were 2.0 unemployed persons for every job vacancy, the highest ratio since the second quarter of 2021. This ratio has been rising steadily since the third quarter of 2022, driven by a significant decrease in job vacancies (down 309,400 or 32.3%) and an increase in the number of unemployed persons (up 214,100 or 20.3%).
Sector-Specific Declines in Job Vacancies
Job vacancies fell in four out of 10 major occupational groups in the first quarter:
The largest decline was in the sales and service occupations, with vacancies dropping by 17,600 (8.6%) to 186,800. This sector continues to drive the overall decline, making up 28.8% of all vacancies.
In the trades, transport, and equipment operators sector, vacancies decreased by 7,800 (5.8%), while in the education, law, social, community, and government services sector they were down by 3,200 (5.1%).
They also fell by 1,700 (10.5%) natural resources, agriculture, and related production. On the other hand, job vacancies increased in the natural and applied sciences sector by 2,300 (5.1%).
Stable Job Vacancies in Other Sectors
In the remaining five occupational groups, job vacancies showed little change. Notable sectors include:
- Health Occupations: Holding steady with 93,700 vacancies, representing 14.4% of total vacancies.
- Business, Finance, and Administration: 80,700 vacancies (12.4%).
- Manufacturing and Utilities: 24,000 vacancies (3.7%).
Long-Term Job Vacancies
The proportion of long-term vacancies, where recruitment has been ongoing for 90 days or more, decreased in 5 of the 10 major occupational groups. Significant decreases were seen in manufacturing and utilities (down by 11.9 percentage points to 30.7%) and natural resources, agriculture, and related production (down by 7.8 percentage points to 30.5%).
However, long-term vacancies increased in the health sector, up by 4.0 percentage points to 55.7%.
Regional Variations
Job vacancies declined in six provinces: Manitoba, New Brunswick, Quebec, Saskatchewan, Alberta, and British Columbia. The Northwest Territories and Prince Edward Island saw increases, while other regions remained steady. Notably, Winnipeg and Montreal accounted for significant portions of the provincial decreases in vacancies.
Year over year, the job vacancy rate declined in 53 economic regions, with the largest declines in Kootenay, British Columbia (-2.6 percentage points to 4.4%), Côte-Nord and Nord-du-Québec (-2.4 percentage points to 3.9%), and Capitale-Nationale, Quebec (-2.3 percentage points to 4.0%).
Wage Growth and Economic Impact
The average offered hourly wage for vacant positions grew by 7.3% to $27.25 in the first quarter of 2024. This outpaced the year-over-year growth in average hourly wages for all employees, which was 5.1%. The largest wage increases were seen in:
- Central Control and Process Operators, and Aircraft Assemblers and Inspectors: Up by 20.5% to $37.10.
- Processing, Manufacturing, and Utilities Supervisors and Operators: Up by 9.5% to $35.10.
In contrast, certain management and technical occupations saw a decline in offered wages.
