Things are finally looking up in the Canadian job vacancy and wages sectors. Reports from Statistics Canada show a 42.3% increase in vacancies compared to the second quarter of 2021. The 4.7% increase from the 2022 first quarter reflects the over one million jobs available in the country in all sectors. Canada calculates the number of vacancies by recording the total labor numbers required to saturate a specific labor market niche or sector.
Canada recorded a record number of vacancies at the beginning of 2020 because the country’s high labor demand was not matched by increased payroll growth as would be expected.
On the other hand, wage increments in some sectors are not backed by the consumer price index.
The report provided by Statistics Canada showed that the average hourly wage offered to employees across all sectors has significantly increased by a whopping 5.3% over the second quarter of 2021. The average wage per hour currently stands at 24.05 Canadian dollars.
Experts have observed the difference from the regular rise in wages for people that were already employed, whose hourly wage only went up by 4.1%. It is worth noting that these increases in hourly wage are not matched by the consumer price index, which is a definite measure of inflation in any economy. Compared to the same quarter in 2021, the consumer price index went up 7.5%.
All sectors in the country did not experience equal increases in wages, with the professional, scientific, and technical fields showing the greatest improvements in hourly wage rates. The average hourly wage increase in these sectors was measured at 11.3%. The average employee in these sectors receives about 37.05$ per hour. Another sector that got the better deal was wholesale, with employees receiving an average hourly wage of 26.10 dollars.
Sectors that got the sour end of the deal include the retail trade jobs only got a 5.7% increase which is lower than the consumer price index. The healthcare and social assistance sector rose by only 3.6%, with employees receiving 25.85 dollars. In general, most job vacancies report hourly wages below the consumer price index in the second quarter of 2022.
Six Canadian Provinces Are Experiencing a Rise in Job Vacancies.
The first and second quarter of 2022 has seen a steady rise in job vacancies as the job market bounces back to pre-pandemic numbers. Of the six provinces, Ontario showed the largest increase in job vacancies, with a 6.6% rise with 379,700 job vacancies to fill.
Nova Scotia was also close behind Ontario, with a 6% increase in job vacancies. British Columbia, Manitoba, Quebec, and Alberta show an increase ranging between 5.6% and 2.4%. However, New Brunswick’s job vacancies were not looking good, with only 15,200 open job vacancies marking a 6.1% decrease. The three remaining provinces did not show any marked changes in the job vacancy rates.