February saw a slight drop in payroll employment and an increase in job vacancies, highlighting subtle shifts in Canada's employment landscape
In February 2024, Canada experienced a minor decrease in payroll employment, dropping by 17,700 (-0.1 percent), following a rise in January, according to Statistics Canada.
Despite this monthly decrease, there was a year-over-year increase in payroll employment by 154,700 (+0.9 percent).
Simultaneously, job vacancies in Canada rose to 656,700 in February, marking an increase of 21,800 (+3.4 percent) from January, although this figure remained comparable to December 2023 levels. This indicates a fluctuation in the availability of jobs within a relatively stable overall job market.
Sector-specific data revealed that seven out of twenty sectors experienced decreases in payroll employment. Notably, accommodation and food services saw a significant reduction, losing 10,000 jobs (-0.8 percent).
Manufacturing and retail trade also recorded declines of 9,500 (-0.6 percent) and 8,200 (-0.4 percent) respectively.
However, these losses were somewhat balanced by gains in other sectors such as public administration, which added 6,600 jobs (+0.5 percent), and finance and insurance, which increased by 6,400 (+0.8 percent).
The accommodation and food services sector specifically has been on a downward trend since June 2023, culminating in a total reduction of 21,700 jobs (-1.7 percent) by February 2024.
Within this sector, the largest declines were in full-service restaurants and limited service eating places, which combined saw a reduction of 8,900 jobs (-0.9 percent).
The manufacturing sector also saw notable job losses, particularly in sub-sectors like transportation equipment manufacturing and wood product manufacturing.
Conversely, retail trade experienced its most significant declines in general merchandise and furniture, home furnishings, electronics, and appliance retailers.
Amid these reductions, public administration showed consistent growth, with a notable monthly increase concentrated in local, municipal, and regional public administration. Year-over-year, this sector's payroll employment rose by 56,500 (+4.5 percent).
In finance and insurance, there was a consecutive monthly increase in payroll employment, with February witnessing an addition of 6,400 jobs (+0.8 percent). This sector also showed year-over-year growth, increasing by 14,200 (+1.7 percent).
Furthermore, average weekly earnings in February rose by 0.5 percent to $1,232, continuing the trend from January. This increase was most pronounced in sectors such as management of companies and enterprises, and administrative and support, waste management, and remediation services.
Overall job vacancies, while increasing in February, showed a significant year-over-year decrease, particularly in sectors like accommodation and food services, manufacturing, and retail trade. However, job vacancies rose notably in transportation and warehousing, and finance and insurance.
Provincially, Ontario and Alberta experienced increases in job vacancies, while other provinces saw declines or little change from the previous year. British Columbia recorded the highest job vacancy rate at 4.3 percent, showcasing regional variations in job market dynamics.
