Employers actively recruited more than a million vacancies for the third month in a row

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Job vacancies hit a new record in June, suggesting the tight labor market remains a source of inflationary pressures as employers actively filled more than a million vacancies for the third straight month.

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Statistics Canada reported Aug. 25 that there were 1,037,900 job vacancies in June, up from 1,005,700 in May. The vacancy rate, which measures vacant positions as a percentage of total positions, was 5.9 percent, matching the record high seen in September 2021.

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Statistics Canada said seasonal patterns could not be attributed to the recent month-over-month increase in job vacancies, and its new seasonally adjusted data shows an upward trend since December 2020.

The agency said job vacancies remained elevated in several sectors, including construction and manufacturing, with each sector reporting more than 80,000 vacancies. The health care and social care sector remained at record high levels first reached in March, with 149,700 vacancies in June – up 40.8 per cent on the same month last year.

High vacancy rates are inflationary because they put upward pressure on wages as employers are forced to offer higher wages and salaries to get the talent they need to keep up with orders. Average weekly earnings outpaced growth seen in May, posting a 3.5 percent year-over-year increase in June, extending an upward trend that began a year ago, Statistics Canada said.

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