By Ketki Saxena
Investing.com -- Statistics Canada said today that job vacancies climbed to a record high, while Canadian employers continue to seek over a million new hires in June.
The jobs data, indicative of a tight and further tightening labour market serves to somewhat undercut the recession narrative (as in the US).
Statistics Canada reported that the number of employees receiving pay or benefits from their employer, or payroll employment, rose by 114,600 (+0.7%) in June.
Payroll employment in the services-producing sector rose by 88,000 (+0.6%) in June, with nearly all services-producing sectors reporting an increase. In the goods-producing sector, payroll employment increased by 9,700 (+0.3%).
Job vacancies climbed for a third consecutive month to hit an all-time high of 1,037,900 in June, up 3.2% from 1,005,700 in May. The job vacancy rate was 5.9% in June, matching the record-high mark reached in September 2021 and up from 4.9% in June 2021.
Average weekly earnings increased 3.5% (to $1,159) in June on a year-over-year basis, compared to a +2.5% increase seen in May. StatsCan notes that Year-over-year growth in average weekly earnings has trended upwards since June 2021.
Average weekly hours worked remained unchanged in June compared to May but were down 0.6% from this time last year.