Today’s SEPH report for July saw reasonable payroll creation of 33k after a smaller than first thought decline of -23k (initial -47k) in June.
Some of the gloss was taken off by most of this coming from more non-cyclical industries with health & social assistance (+18k) and public administration (+8k).
Nevertheless, the payroll data are painting a healthier jobs picture than the more timely labour force survey, with three-month job creation summing to 50k in July vs 23k from the LFS.
The vacancy rate meanwhile showed further sign of moderation, falling a tenth to a new recent low of 3.0% and with revisions revealing a steadier downward trend rather than a sharper drop off before plateauing at 3.1% originally. The 3.0 compares with 3.2 averaged in 2019 and 3.0 in 2017-18.
Going against a continued decline in the vacancy rate was a general acceleration in wage metrics, mostly seeing a push closer to the ~5% Y/Y that average hourly earnings in the LFS survey have been tracking at, although they can be noisy.
Of the wide array of measures that you can look at, the press release notes weekly earnings growth increased from 4.2% to 4.5% Y/Y, its fastest since Mar 2021. Within this, public administration increased 5.4% Y/Y after a particularly strong 6.7% Y/Y.
Average hourly earnings on the other hand were cooler at 3.7% Y/Y although with the fixed weight index continuing to trend higher at 5.1% Y/Y.
CANADA DATA: Job Vacancies Firmly At Pre-Pandemic Levels But Wage Growth Hot
Last updated at:Sep-26 18:19By: Chris Harrison
Canada
Today’s SEPH report for July saw reasonable payroll creation of 33k after a smaller than first thought decline of -23k (initial -47k) in June.
Some of the gloss was taken off by most of this coming from more non-cyclical industries with health & social assistance (+18k) and public administration (+8k).
Nevertheless, the payroll data are painting a healthier jobs picture than the more timely labour force survey, with three-month job creation summing to 50k in July vs 23k from the LFS.
The vacancy rate meanwhile showed further sign of moderation, falling a tenth to a new recent low of 3.0% and with revisions revealing a steadier downward trend rather than a sharper drop off before plateauing at 3.1% originally. The 3.0 compares with 3.2 averaged in 2019 and 3.0 in 2017-18.
Going against a continued decline in the vacancy rate was a general acceleration in wage metrics, mostly seeing a push closer to the ~5% Y/Y that average hourly earnings in the LFS survey have been tracking at, although they can be noisy.
Of the wide array of measures that you can look at, the press release notes weekly earnings growth increased from 4.2% to 4.5% Y/Y, its fastest since Mar 2021. Within this, public administration increased 5.4% Y/Y after a particularly strong 6.7% Y/Y.
Average hourly earnings on the other hand were cooler at 3.7% Y/Y although with the fixed weight index continuing to trend higher at 5.1% Y/Y.
