874,000 unfilled positions were down 9.3 per cent from October, and the second consecutive month drop from a peak of about 988,000 vacancies in September, according to Statistics Canada on January 27. We apologize, but this video didn't load.
You can see other videos from our team here. If you refresh your browser, or Job seekers market'' in Canada, vacancies soar 72% higher than before the epidemic, the report is positive, because of the fact that inflation went up to 4.8 per cent in December from a year earlier, according to Statistics Canada's consumer price index. By restricting supply, understaffed businesses can't keep up with orders, which is putting upward pressure on the price of goods. An outsized number of unfilled positions could cause wages to go up, which is a mixed blessing for the economy because companies might raise their prices to offset larger salary commitments.
Even after November s decline, vacancies remain unusually high. The total was 72 per cent higher than the fourth quarter of 2019 and the vacancy rate, which measures vacant positions as a share of all positions, was 5.1 per cent, compared to three per cent before the epidemic, according to Statistics Canada. Brendon Bernard, an economist at Indeed, said that we shifted to a job-seeker's market. In November, Statistics Canada added 37,200 positions, which is a supplementary measure of employment that complements the agency's more timely Labour Force Survey LFS The payroll survey shows that employers increased employment to within 0.4 per cent of where they were in February 2020, as well as its monthly sweep of company payrolls.
The LFS suggests hiring returned to pre-pandemic levels in the autumn, and more recent readings suggest that employment is where it would have been if the recession hadn't interrupted the trend. Bank of Canada Governor Tiff Macklem said this week that the strength of the labour market was one of the factors that convinced him and his deputies that it was almost time to raise interest rates. The Bank of Canada stopped short of doing so in its January 26 policy decision, but the central bank was clear that an increase was likely at its next interest-rate meeting in early March. The labour market has tightened significantly with strong employment growth, according to Macklem at a press conference. The job vacancies are elevated, hiring intentions are strong and wage gains are picking up. The Bank of Canada puts its credibility on line with the hold on rates: economists say they believe that the Bank of Canada is on a line with the hold on rates.
The Bank of Canada is holding, but rate hikes are coming. The latest Statistics Canada data shows that firms in transportation and warehousing are having the hardest time finding workers. In November, the industry's vacancy rate rose to a record 51,000 and the vacancy rate rose to 6.2 per cent, the highest since the agency began producing comparable data in October 2020. The hiring of hotels, bars and restaurants in November was due to the ease of restrictions on high-contact businesses. The number of vacancies dropped 11.7 per cent to 130,000, but the sector's job vacancy rate - 9.9 per cent - was the highest of all major industries for a seventh consecutive month. The Omicron wave of COVID 19 infections will likely reverse some of that hiring, as provinces ordered restaurants and other high-touch businesses to close to slow the spread of the disease. Macklem cited Omicron as explaining his decision to leave the benchmark interest rate unchanged this week despite his growing unease over inflation.