Payrolls rebounded in July, and the number of job vacancies continued to decline, according to new data from Statistics Canada.<\/p>\n
The national statistical agency reported that employment numbers rose by 32,800 in the month, reversing a drop of 22,900 in June, and pushing the annual gain to 157,700.<\/p>\n
The bulk of the gains came in the health-care and public-administration sectors, it noted. Five of 20 sectors recorded job gains, while another five reported declines, and 10 sectors had relatively flat payroll numbers.<\/p>\n
StatCan said the crop of unfilled jobs fell by 22,400 in July to 526,900, which is down 47.5% from the peak of over 1 million in May 2022.<\/p>\n
Alongside the decline in open jobs, the job vacancy rate, which represents the number of unfilled jobs as a share of total labour demand, continued to fall.<\/p>\n
In a research note, National Bank Financial (NBF) said the latest labour market data highlight the effects of still-tight monetary policy.<\/p>\n
“Without strong hiring in the public sector in 2024, the damage to the labour market would have been much greater,” it said. Private sector employment has risen just 0.2% this year, while the labour force grew by 2.0% \u2014 conditions usually evident only in a recession.<\/p>\n
“The private sector job vacancy rate has plummeted and was at its lowest level since 2016,” it noted.<\/p>\n
Given the prevailing conditions, NBF said it expects the jobless rate to rise to 7% over the next six months, as “restrictive monetary policy will prevent the labour market from stabilizing, contrary to what many forecasters believe.”<\/p>\n","protected":false},"excerpt":{"rendered":"
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