economy
MORE OPENINGS THAN JOB SEEKERS The overall number of vacant jobs has been persistently high in BC and Canada of late, as unemployment rate declines.
Our understanding of the landscape of job vacancies in Canada is relatively nascent, with Statistics Canada only first collecting and publishing quarterly data back in 2015, and monthly data in 2020. In this section we consider the latest monthly data, while in the following section we examine the most recent quarterly numbers. As of June 2022, both Canada and BC are experiencing both a record-high number of vacant positions and an all-time high job vacancy rate.
Nationally, the job vacancy rate is up to 5.9%, compared with 4.9% a year earlier while in British Columbia it’s reached 7.1%, up from 6.0%. With job vacancy up, and the unemployment rate down, there are now more vacant jobs in Canada than unemployed persons in the labour force: here in British Columbia, there are about 4 vacant jobs for every 3 unemployed persons in the labour force. This lack of correspondence between the number of available jobs and the number of job seekers (not to mention existing skills mismatches) means employers will likely have to either wait longer to expand their workforces at their desired pace or offer further incentives to fill roles—or both.
THERE AREN’T ENOUGH WORKERS
1.60
1.40
1.35
1.20
1.03
1.00
0.80
0.75
0.60
0.52
0.40
0.20
0.00
CANADA
BRITISH COLUMBIA
JUNE
JUNE
DATA: RATIO OF JOB VACANCIES TO NUMBER OF UNEMPLOYED PERSONS SOURCE: TABLE 14-10-0371-01 & 14-10-0287-01, STATISTICS CANADA
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