Trades and service sectors lead job vacancy decline, while payroll employment rises in Q2 2024
In the second quarter of 2024, Statistics Canada revealed that job vacancies declined by 59,000, a 9.2 percent drop, bringing the total number of vacancies to 582,600.
This marks the eighth consecutive quarterly decline, following a record high of 983,600 in Q2 2022. The drop in Q2 2024 was twice as large as the previous quarter’s decline of 30,200 (4.5 percent).
Both permanent (-43,400; -8.3 percent) and temporary positions (-15,600; -12.9 percent) saw declines in vacancies, as did full-time (-45,400; -9.5 percent) and part-time positions (-13,600; -8.3 percent).
Payroll employment, however, increased by 62,000 (0.4 percent) in the second quarter, while total labour demand remained largely unchanged from the first quarter of 2024 and Q2 2023.
The job vacancy rate fell by 0.3 percentage points to 3.3 percent in Q2 2024, its lowest level since Q1 2020.
There were 2.4 unemployed persons per job vacancy in the second quarter, with this ratio increasing since Q3 2022 due to the steady decline in job vacancies (-374,500; -39.2 percent) and a rise in unemployment (+315,600; +29.9 percent).
Job vacancies decreased in seven of the ten broad occupational groups in Q2 2024.
The largest declines occurred in trades, transport, and equipment operators (-19,200; -15.3 percent), sales and service occupations (-18,400; -9.9 percent), business, finance, and administration (-4,600; -5.8 percent), and natural and applied sciences (-4,500; -9.6 percent).
Vacancies remained relatively stable in natural resources, agriculture, and related production occupations, as well as in arts, culture, recreation, sport, and legislative and senior management positions.
In the trades, transport, and equipment operators group, vacancies dropped by 19,200 (-15.3 percent) to 105,900 in Q2 2024, continuing an eighth consecutive quarterly decline since the record high of 195,000 in Q2 2022.
Year over year, vacancies in this group fell by 46,900 (-29.0 percent), with the largest decreases for transport truck drivers (-8,500), construction trades helpers and labourers (-5,700), material handlers (-3,700), and residential and commercial installers and servicers (-3,100).
Sales and service job vacancies also continued to decline, down by 18,400 (-9.9 percent) to 168,400 in Q2 2024. This marked the seventh consecutive quarterly decline for the sector. Sales and service vacancies accounted for 28.9 percent of all vacancies in Q2 2024, compared to 32.0 percent in Q2 2023.
Year over year, vacancies fell by 88,000 (-32.2 percent), with the largest declines for food counter attendants (-21,800), retail salespersons (-13,500), and customer service representatives (-8,000).
Business, finance, and administration occupations saw vacancies drop by 4,600 (-5.8 percent) to 75,100, the lowest level since Q1 2021. Year over year, declines were most significant for advertising, marketing, and public relations professionals (-1,900), accounting clerks (-1,600), and administrative assistants (-1,300).
Health occupations saw a 3,900 (-4.3 percent) decrease in job vacancies in Q2 2024, the first significant quarterly drop since Q3 2022.
Long-term vacancies for health occupations remained higher than the national average, despite a year-over-year decline in overall vacancies by 4,300 (-4.7 percent), with the largest decreases for registered nurses (-1,900), nurse aides (-1,700), and licensed practical nurses (-1,200).
The average offered hourly wage for vacant positions increased by 6.8 percent to $26.80 year over year in Q2 2024, slightly lower than the 7.3 percent rise in the previous quarter. Full-time positions saw a 6.6 percent wage increase, while part-time wages grew by 7.7 percent.
Permanent positions saw a 7.2 percent increase in wages, while temporary positions experienced a 5.1 percent increase.
Positions requiring a high school diploma or less saw the largest year-over-year decline, with vacancies down by 140,900 (-29.8 percent). These accounted for 71.5 percent of the overall decline in vacancies.
Job vacancies decreased in 25 of the 69 economic regions in Q2 2024, with the largest drops in Quebec (-16.3 percent), Ontario (-9.7 percent), and Alberta (-6.5 percent).
The Toronto region saw a decline of 6,100 vacancies, while Montérégie, Quebec, and Lower Mainland-Southwest, British Columbia, saw decreases of 5,500 and 4,500 vacancies, respectively.
Year over year, the job vacancy rate declined in 60 of the 69 economic regions, with Southwest Manitoba seeing a slight increase in the vacancy rate (+0.5 percentage points to 4.3 percent).
Quebec experienced the largest year-over-year drop in its vacancy rate, with significant declines in the Capitale-Nationale, Côte-Nord, Laval, and Laurentides regions.
