Compared to July 2023, there were 273,700 fewer job openings, indicating a significant decrease of 28.1%. This data was reported in the latest Statistics Canada report released on September 28, 2023.
In July 2023, there were only 673,400 job vacancies, the lowest since May 2021.
Ontario experienced the most significant year-over-year decline representing a sharp 33.8% (-123,900) decrease.
British Columbia and Quebec also faced declines of 26.0% (-38,400) and 26.6% (-65,800), respectively.
On a monthly basis, Ontario’s job vacancies decreased by 10.2%, with 27,700 fewer openings in July.
Understanding the Job Vacancy Rate: What Does It Mean?
The job vacancy rate is a crucial indicator, representing the number of open positions as a percentage of total labor demand.
In July 2023, the job vacancy rate dropped to 3.9%, the lowest level since February 2021.
This decline of 1.6 percentage points year-over-year was due to an increase in payroll employment (+446,600; +2.7%) and a decrease in vacancies (-273,700; -28.1%).
Unemployment-To-Job Vacancy Ratio:
In July 2023, there were 1.7 unemployed individuals for every open job vacancy, indicating a rise from 1.5 in June and 1.2 earlier in the year.
The decline in job vacancies (-43,100 or -5.8%) primarily contributed to this increase in the unemployment-to-job vacancy ratio.
The job vacancy rate in accommodation and food services reached its lowest point since January 2020.
The retail trade sector also recorded the lowest number of job vacancies since January 2021, with a decline of 10,800 (-12.8%) in July 2023.
Sectors with Highest Job Vacancies in Canada
Despite the challenges, certain sectors continued to offer high job vacancies in July 2023.
|Sector/Industry||Job Vacancies||Job VacancyRate|
|Health care and social assistance||139,200||5.7%|
|Accommodation and food services||79,500||5.7%|
|Professional, scientific and technical services||41,400||3.3%|
|Administrative and support, waste management and remediation services||43,200||4.9%|
|Finance and insurance||21,300||2.5%|
|Transportation and warehousing||37,900||4.4%|
|Other services (excluding public administration)||32,000||5.4%|
|Information and cultural industries||9,500||2.5%|
|Arts, entertainment and recreation||11,600||3.6%|
|Real estate and rental and leasing||9,700||3.2%|
|Agriculture, forestry, fishing and hunting||10,100||4.1%|
|Mining, quarrying, and oil and gas extraction||7,600||3.5%|
|Management of companies and enterprises||2,200||1.7%|
Province-Wise Job Vacancies
Provincial job vacancy rates varied, offering insights into regional job markets.
|Provinces and territories||July 2023 Job Vacancies||July 2023 JobVacancy rate|
|Newfoundland and Labrador||7,400||3.6%|
|Prince Edward Island||2,900||3.9%|
Average Weekly Earnings: Earning Potential on the Rise
In July 2023, average weekly earnings in Canada increased by 0.8%, reaching $1,215.
Notable gains were observed in the construction (+1.6% to $1,509) and public administration (+1.9% to $1,553) sectors.
On a year-over-year basis, earnings increased by 4.3%, reflecting a positive trend in income growth.
Factors Influencing Earnings:
Average weekly pay can be influenced by various factors, including shifts in hours worked, job composition, and wage levels.
Provinces like British Columbia and Nunavut experienced substantial year-over-year increases in earnings, indicating healthy income growth.
Understanding the Unemployment Rate in Canada
As of August 2023, Canada’s unemployment rate stood at 5.5%, reflecting a 0.5 percentage point increase from April to July.
The unemployment rate is a crucial indicator of economic health and provides insights into the overall job market conditions.
Canada’s job market in 2023 presents a diverse landscape with both challenges and opportunities. Job seekers should remain vigilant, exploring sectors with job openings such as healthcare, construction, and retail trade. Keep an eye on regional trends, as opportunities can vary significantly across provinces.
While the job market faces certain headwinds, staying informed and proactive can greatly improve your chances of finding suitable employment opportunities in Canada. Continuous skill development and adaptability are key to securing your spot in this ever-evolving job market.