In May, Canada had the lowest level of job vacancies in eight years as the number of jobs dropped in several industries, according to the latest numbers from Statistics Canada.
Job vacancies dropped by 4.1 percent (20,400), StatCan said in a July 31 release. It was the lowest rate since October 2017.
On a year-over-year basis, the number of available jobs dropped by 15.8 percent to 89,700, StatCan said.
The ratio of unemployed individuals to vacant jobs in May was 3.3, StatCan said.
That number was up slightly from 3.1 in April. It was the highest unemployment-to-job vacancy rate since January 2017, excluding 2020 and 2021.
On a year-over-year basis, the ratio was up 0.9 percent, as there was an increase in the number of unemployed people, coupled with a decrease in job vacancies, the agency said. The unemployment rate increased from 6.3 percent to 7 percent over the same period, according to the Labour Force Survey….