Statistics Canada has published its monthly report, Payroll employment, earnings and hours, and job vacancies, May 2024. In it, they say payroll employment figures are slightly higher during the month with weekly earnings up 0.8 per cent in May to $1,252, following little change in April. Year-over-year average weekly earnings grew 4.2 per cent in May, following a 3.8 per cent increase in April.
“In general, growth in average weekly earnings can reflect a range of factors, including changes in wages, composition of employment, hours worked and base-year effects. Average weekly hours were unchanged in May from the previous month, but were up 0.6 per cent on a year-over-year basis to 33.5 hours,” they state.
Job vacancies meanwhile, increased in finance and insurance by 37.5 per cent, mirroring a year ago jump when vacancies climbed 11.3 per cent during the month. At the time, most other sector vacancies had declined after unfilled vacant positions peaked in May 2022.
Between 2023 and 2024, meanwhile, Statistics Canada researchers say the job vacancy rate in Canada has notably decreased after peaking at 5.7 per cent in May 2022. “In May, job vacancies held stead in all provinces except for New Brunswick.”
Overall, the number of employees receiving pay and benefits from their employer increased for the fifth consecutive month, by 41,000 or 0.2 per cent in May 2024.
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