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May 30, 2024JOB VACANCIES, MARCH 2024 Monthly (March 2024 vs February 2024, seasonally adjusted)
Nova Scotia had 14,175 job vacancies in March 2024 with a vacancy rate of 3.3%. Canadian employers were actively recruiting for 610,715 positions in March with a vacancy rate of 3.4%. The national job vacancy rate declined 0.2 percentage points in March 2024 with seven provinces reporting lower vacancy rates. The highest vacancy rate was reported in Prince Edward Island and British Columbia and the lowest vacancy rate was reported in Newfoundland and Labrador.
When compared to February 2024, the number of job vacancies in Nova Scotia fell 6.6% (-1,035 jobs). National job vacancies declined 6.2% (-40,610 jobs). Job vacancies declined in seven provinces led by Newfoundland and Labrador. Three provinces reported higher vacancies compared to the previous month, with the strongest growth in Prince Edward Island.
Year-over-year (March 2024 vs March 2023)
When compared to March 2023, the job vacancy rate in Nova Scotia declined 0.7 percentage points. Nationally, the job vacancy rate declined from 4.5% to 3.4%. Compared to one year earlier, the job vacancy rate declined in all provinces.
When compared to March 2023, the number of job vacancies in Nova Scotia declined 20.7% or 3,835 vacancies. National job vacancies declined 24.0% or 192,750 vacant jobs. All provinces saw declines in the number of vacancies over the twelve month period ending in March. In percentage terms, Quebec declined the most and Alberta declined the least compared to February 2023.
Trend
Nationally, job vacancy rates trended downward after peaking in March-May 2022. In March 2024, the job vacancy rate is at its lowest level since March 2020, after which the data series was suspended until October 2020. Nova Scotia's job vacancy rate peaked in the spring of 2022 and has also been on a downward trend. The Nova Scotia job vacancy rate has been below the national rate for most of this period.
Nova Scotia's job vacancies peaked at 22,715 in June 2022.
Canada job vacancy rate and job vacancies by industry, March 2024
Nationally, the accommodation/food services, health care/social assistance and personal/repair industries had the highest job vacancy rates. The lowest vacancy rates were in education and utilities.
Health care and social assistance had the highest number of vacancies at 121,420 in March. Compared to March 2023, the number of vacancies declined in every industry except public administration.
Notes: The job vacancy rate is the percentage of job positions (both filled and vacant) that are vacant. A higher job vacancy rate indicates a tighter labour market where it is more difficult for employers to find suitable candidates for the positions offered. A lower job vacancy rate signals labour market slack and potentially more job seekers competing for each vacant position.
Sources: Statistics Canada, Table 14-10-0432-01 Job vacancies, payroll employees, and job vacancy rate by provinces and territories, monthly, adjusted for seasonality, Table 14-10-0406-01 Job vacancies, payroll employees, and job vacancy rate by industry sector, monthly, adjusted for seasonality
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