Canada saw job drops and vacancies rise in February

According to Statistics Canada, in February 2024, Canadian payroll employment dipped by 17,700 (-0.1 percent) from January, though it increased by 154,700 (+0.9 percent) year over year. Job vacancies rose to 656,700 (+3.4 percent) from January, fluctuating across sectors. Seven out of twenty sectors saw payroll employment decreases, notably in accommodation and food services, which lost 10,000 jobs (-0.8 percent). Manufacturing and retail trade also declined. However, gains were observed in public administration (+0.5 percent) and finance and insurance (+0.8 percent). Accommodation and food services, manufacturing, and retail trade experienced significant reductions in job vacancies, while transportation and warehousing, as well as finance and insurance, saw increases. Ontario and Alberta saw job vacancies increase, while British Columbia had the highest job vacancy rate at 4.3 percent, reflecting regional variations in the job market.