The number of job vacancies across the country continued to decline in the first quarter of 2024, according to new data from Statistics Canada. But the average wage being offered jumped 7.3% from last year, hitting $27.25 per hour.
Vacancies fell by 24,300, or 3.6%, bringing the total to 648,600, the lowest since the first quarter of 2020. This marks the seventh consecutive quarterly decline from the peak of 983,600 vacancies in the second quarter of 2022.
The report highlighted a significant drop in vacancies for permanent positions, which fell by 24,500, or 4.5%, while temporary positions remained relatively unchanged. Full-time job vacancies decreased by 15,400, or 3.1%, and part-time job vacancies by 8,900, or 5.1%.
Despite the decline in vacancies, payroll employment remained steady in the first quarter. Total labour demand, which includes both filled and vacant positions, decreased slightly by 0.1% from the previous quarter and was virtually unchanged from the same period last year.
The job vacancy rate, representing the proportion of vacant positions to total labour demand, decreased by 0.2 percentage points to 3.6%. This rate is the lowest since the first quarter of 2020.
Increasing unemployment-to-job vacancy ratio
The unemployment-to-job vacancy ratio rose to 2.0 unemployed persons per job vacancy, the highest since the second quarter of 2021. This increase has been driven by both a decline in job vacancies and an increase in the number of unemployed persons.
Since the third quarter of 2022, job vacancies have decreased by 309,400, or 32.3%, while the number of unemployed persons increased by 214,100, or 20.3%.
Sectoral job vacancy trends
Job vacancies fell in four of the ten broad occupational groups in the first quarter:
- Sales and service occupations saw the largest decline with a drop of 17,600, or 8.6%.
- Trades, transport, and equipment operators and related occupations decreased by 7,800, or 5.8%.
- Occupations in education, law, social, community, and government services dropped by 3,200, or 5.1%.
- Natural resources, agriculture, and related production occupations fell by 1,700, or 10.5%.
Conversely, vacancies in natural and applied sciences and related occupations increased by 2,300, or 5.1%. The remaining five occupational groups, including health occupations, business, finance, administration, and manufacturing and utilities, saw little change in vacancy numbers.
10 occupations with largest drop in vacancies
| Occupation | First quarter of 2023 (number of job vacancies) | First quarter of 2024 (number of job vacancies) |
|---|---|---|
| Food counter attendants, kitchen helpers and related support occupations | 49,355 | 26,720 |
| Retail salespersons and visual merchandisers | 27,540 | 15,955 |
| Transport truck drivers | 23,245 | 15,460 |
| Cooks | 18,475 | 12,505 |
| Other customer and information services representatives | 14,760 | 9,515 |
| Light duty cleaners | 14,290 | 9,430 |
| Material handlers | 10,695 | 6,375 |
| Store shelf stockers, clerks and order fillers | 10,645 | 6,455 |
| Food and beverage servers | 13,095 | 8,970 |
| Social and community service workers | 16,185 | 12,355 |
Regional job vacancy variations
Regionally, job vacancies declined in six provinces:
- Manitoba (-8.7% to 22,400)
- New Brunswick (-8.1% to 11,200)
- Quebec (-6.4% to 153,000)
- Saskatchewan (-5.9% to 21,900)
- Alberta (-4.8% to 77,100)
- British Columbia (-4.4% to 105,800)
Increases in job vacancies were noted in the Northwest Territories (+24.8% to 1,400) and Prince Edward Island (+20.5% to 3,000). The remaining provinces and territories saw little change.
Wage trends
The average offered hourly wage for vacant positions increased by 7.3% year-over-year in the first quarter of 2024, reaching $27.25.
This growth rate was higher compared to the fourth quarter of 2023 (+5.8%) and the first quarter of 2023 (+5.0%). This rise in offered wages was partly attributed to a shift towards higher-wage occupations. The average hourly wage for all employees, as reported by the Labour Force Survey, grew by 5.1% in the first quarter of 2024.
The wage growth was most notable in central control and process operators and aircraft assemblers and inspectors (+20.5% to $37.10), and processing, manufacturing, and utilities supervisors and operators (+9.5% to $35.10). Conversely, wages for middle management occupations in production and agriculture, technical occupations in art, culture, and sport, and supervisors in natural resources and agriculture saw declines.
| Occupation | First quarter of 2023 (average offered hourly wage $) | First quarter of 2024 (average offered hourly wage $) |
|---|---|---|
| Food counter attendants, kitchen helpers and related support occupations | $15.75 | $16.60 |
| Retail salespersons and visual merchandisers | $16.50 | $17.50 |
| Transport truck drivers | $27.05 | $27.15 |
| Cooks | $17.75 | $18.40 |
| Other customer and information services representatives | $20.70 | $21.30 |
| Light duty cleaners | $18.25 | $19.25 |
| Material handlers | $15.80 | $16.00 |
| Store shelf stockers, clerks and order fillers | $20.10 | $20.50 |
| Food and beverage servers | $15.10 | $15.85 |
| Social and community service workers | $22.35 | $23.60 |
Matching wages with expectations
The alignment between offered wages and workers’ wage expectations has improved. In February and March 2024, the average reservation wage, the minimum pay unemployed workers were willing to accept, was $27.33.
This nearly matched the average offered wage for vacant positions, which was $27.25, making it easier for employers to fill vacancies.