The number of unemployed Canadians has remained relatively stable since October 2022, according to the national statistics agency
The number of job vacancies in Canada fell by 33,500 (3.8%) in the first quarter, settling at 843,200 and marking the third straight quarterly decline from the record high seen in Q2 2022, according to Statistics Canada.
The job vacancy rate also ticked down by 0.2% to 4.7% in the first quarter, representing the third consecutive decrease and the lowest rate since the 4.3% seen in Q2 2021.
“There was an average of 1.3 unemployed persons for each job vacancy in Canada in the first quarter, up from 1.2 in the previous quarter and from 1.1 in the second and the third quarters of 2022,” StatCan reported.
“This slight increase in the unemployment-to-job vacancy ratio is due to the downward trend of job vacancies over the last quarters, as the number of unemployed persons has remained relatively stable since October 2022.”
The trend indicates that while the labour market remained tight during the first part of the year, its severity is gradually moderating, the statistics agency said.
On the other hand, average hourly wages went up by 5% to $25.40 in the first quarter, which StatsCan partially attributed to “a shift in the relative composition of job vacancies, from occupations offering lower wages to occupations offering higher wages.”
Year-over-year offered hourly wage growth was 3.5% in Q1 2023. The occupations that saw the greatest increases in average hourly offered wages during the first quarter were labourers in food and beverage processing (up by 9.7% to $18.70), material handlers (up by 9.3% to $20.05), and nurse aides, orderlies, and patient service associates (up by 6.3% to $21.90).
