Tremendous rise recorded in Canada job vacancy rate in 3rd quarter of 2019

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The job vacancy rate in the private sector of Canada witnessed a record high in the third quarter of 2019, revealed a report by the Canadian Federation of Independent Businesses (CFIB).

The latest Help Wanted Report released by the Federation shows that the number of unfilled job vacancies in Canada’s private sector was around 433000 during the third quarter of 2019. This number is 1500 more compared to the second quarter of 2019 and 15000 more compared to the third quarter of 2018.

For the past five consecutive quarters, Canada has been witnessing a record high in job vacancy rates. Especially the small firms in Canada with employee strength less than five have been finding it difficult to fill the vacancies.

Among the Canadian provinces, Quebec recorded the highest job vacancy rate at four per cent. Second came British Columbia with a job vacancy rate of 3.8 per cent. In the third place was Ontario with a national average of 3.2 per cent. Though the vacancy rates in the Prairie provinces and Newfoundland and Labrador were still below the national average, they were slightly up compared to previous quarters.

Rising job vacancy rates were reported in sectors such as agriculture, information and hospitality. The personal services industry that includes businesses such as hairdressers, dry cleaners and funeral services also had a high vacancy rate of 4.9 per cent during July-October 2019. Job vacancy rate in the construction industry during this period was 4.7 per cent.  At the same time,manufacturing, wholesale and retail sectors witnessed a decline in job vacancy rates. The other major sectors that witnessed an increase in job vacancy rates during this period were hospitality (4.0 per cent), agriculture (3.7 per cent) and information (2.4 per cent). The lowest job vacancy rate was recorded with the natural resources sector, at 1.8 per cent.

The CFIB report points out that the most significant factors which lead to an increase in the number of job vacancy rates are future outlooks, growth intentions, business size and firm-specific job characteristics.

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