{"id":14357,"date":"2023-07-25T05:00:00","date_gmt":"2023-07-25T09:00:00","guid":{"rendered":"https:\/\/www.hiringlab.org\/en-ca\/?p=14357"},"modified":"2024-05-10T09:44:08","modified_gmt":"2024-05-10T13:44:08","slug":"canadian-labour-market-update-second-quarter-2023","status":"publish","type":"post","link":"https:\/\/www.hiringlab.org\/en-ca\/2023\/07\/25\/canadian-labour-market-update-second-quarter-2023\/","title":{"rendered":"Canadian Labour Market Update: Second Quarter 2023"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li>Employment growth softened in the second quarter after a fast start to 2023, but the labour market remained in strong shape, supported by low layoff rates.<\/li>\n\n\n\n<li>Job postings continued to slide in the second quarter; down 27% from their mid-2022 peak as of July 14, but still 27% above their pre-pandemic level.&nbsp;<\/li>\n\n\n\n<li>Wage growth has also eased but remains elevated, up 4.1% in June from a year earlier, matching its May pace, according to the Indeed posted wage tracker.&nbsp;<\/li>\n\n\n\n<li>Canadian job seekers\u2019 confidence in their ability to quickly find work slipped in the second quarter, led by weaker sentiment among those with a university education.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><em>The Canadian labour market shifted down a gear, but held resilient during the second quarter of 2023. Employer hiring appetite continued to ease, but remained elevated, though postings in tech and a few other white-collar fields have slipped below pre-pandemic levels. Meanwhile, the still-tense economic situation appears to have weighed on job seeker optimism, as the economy wades through uncertainty entering the second half of the year.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Momentum back in neutral, but no turning point yet<\/strong><\/h2>\n\n\n\n<p>Canadian job growth started 2023 off with a bang but shifted back to neutral in the second quarter. Gains in the Labour Force Survey (LFS) were choppy, including a decline in May led by a weak start to youth summer employment, while payrolls in the Survey of Employment, Payrolls, and Hours (SEPH) slipped in April. That said, taken together with a surprisingly strong first quarter, the job market did fairly well in the first half of the year.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/Oedh1r9NP2VuCGraT33juSsNDp8WMYucupPfN94gvikopYTtT1Df3t4T5ePWeK5j7kmhFh4bGeF3n8k2bVtE-JQ4X-5iIGqj40Hkj7k66zPFF9imN5thKSGAXVvtGBIGVQGMauyxD1n19wVKQgkwOWo\" alt=\"A line chart titled \u201cJob growth eases in \u2018Q2 after strong start to 2023,\u201d shows the percent change in employment since February 2020, with the x-axis spanning April 2022 to June 2023, according to the Labour Force Survey (LFS), and the Survey of Employment, Payrolls, and Hours (SEPH). Both series showed somewhat slower growth in the second quarter of 2023 than the first, though both are nearly 5% above their respective pre-pandemic level.\" \/><figcaption class=\"wp-element-caption\"><em>A line chart titled \u201cJob growth eases in \u2018Q2 after strong start to 2023,\u201d shows the percent change in employment since February 2020, with the x-axis spanning April 2022 to June 2023, according to the Labour Force Survey (LFS), and the Survey of Employment, Payrolls, and Hours (SEPH). Both series showed somewhat slower growth in the second quarter of 2023 than the first, though both are nearly 5% above their respective pre-pandemic level.<\/em><\/figcaption><\/figure>\n\n\n\n<p>Canada\u2019s surging population has raised the bar on what constitutes a \u201cgood\u201d month, making assessing recent job growth more complicated. While June\u2019s 60,000 employment gain would\u2019ve been considered a blowout LFS release in prior years, it is less impressive today, as the breakeven employment number needed to keep pace with population growth stood at 52,000.&nbsp;<\/p>\n\n\n\n<p>In this regard, it\u2019s helpful to track employment and unemployment rates, which are less influenced by population growth. Both suggest momentum cooled somewhat in the second quarter, but that the overall labour market remained strong. The unemployment rate ticked up by 0.2 percentage points in both May and June to a still-low 5.4%, though the June increase reflected a rise in labour force participation. Meanwhile, the working-age (15-64) employment rate edged down 0.3 percentage points between March and June, but at 76.0% still matched its all-time high prior to this year.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/e9mLNmAcGNqdCfWFqzoMGyhwTjgm628ZhFHr8LJIH4x2VIJuRyaQzE1-0XEIshul0-xQxZOayAjCwHV4WRSJpHjMGxfTB3bOXdSyVYvCaYsQQmgdQqCyK9ceI1wPjY6_po-gBuw17uZF0ilttLKKzC4\" alt=\"Line graph titled \u201cWorking-age employment rate just off its all-time high\u201d shows the share of Canadians aged 15-64 with a job between January 2021 and June 2023. The working-age employment rate ticked down 0.3 percentage points in the second quarter to 76.0% from an all-time high in March, but still matched its previous high reached in 2022.\" \/><figcaption class=\"wp-element-caption\"><em>Line graph titled \u201cWorking-age employment rate just off its all-time high\u201d shows the share of Canadians aged 15-64 with a job between January 2021 and June 2023. The working-age employment rate ticked down 0.3 percentage points in the second quarter to 76.0% from an all-time high in March, but still matched its previous high reached in 2022.<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Professional and technical services run out of gas<\/strong><\/h2>\n\n\n\n<p>With overall employment growth running at a more neutral pace in Q2, trends were mixed across different industries. Most notable \u2014 outside a drop in the volatile business and building services category \u2014 were recent soft numbers in professional, scientific, and technical services.&nbsp;<\/p>\n\n\n\n<p>Professional services, encompassing tech and other white-collar fields including legal services and accounting, was Canada\u2019s fastest-growing industry (compared to pre-pandemic levels) through the start of 2023, outpacing a similarly large expansion in government employment. However, momentum in the sector has dropped off, with modest employment declines in each of the past three months through June, falling hiring appetite now causing a drag after an earlier boom. Stronger job growth in information and culture, manufacturing, as well as transportation and warehousing, among others, has helped offset this weakness.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/a7CiELuowHHrSEI-VUStaquLx62zSSEFNiaCut0wCpiioAfQUgheFkcYLPjVfGBC-3zIIvcP9pJCHc1NQiQhccr_zs4bu9vMouHU25rMi3u0hzHYbMViQKU4dwOKxFN0Jkl8aHoRi3F4UMXc-7DJg4Q\" alt=\"A scatter plot chart titled \u201cRecent momentum mixed across industries,\u201d with each data point representing how employment in different industries stood in June 2023 compared to their pre-pandemic level on the x-axis, and three months earlier on the y-axis. Business and building support services and professional and technical services were relatively weak over the prior three months, while information and culture, and manufacturing were stronger.\u00a0\" \/><figcaption class=\"wp-element-caption\"><em>A scatter plot chart titled \u201cRecent momentum mixed across industries,\u201d with each data point representing how employment in different industries stood in June 2023 compared to their pre-pandemic level on the x-axis, and three months earlier on the y-axis. Business and building support services and professional and technical services were relatively weak over the prior three months, while information and culture, and manufacturing were stronger.&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Job postings continue to cool<\/strong><\/h2>\n\n\n\n<p>Job growth might have shifted gears in recent months, but one trend that\u2019s held steady is the gradual decline in employer recruiting activity from its earlier highs. As of July 14, total Canadian job postings on Indeed were down 27% from their early May 2022 peak. Because that earlier peak was so high, postings remain elevated compared to pre-pandemic levels, up 27%. Trends look quite similar in Statistics Canada\u2019s job vacancy data, which run through April.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/Q1VXmAhXysFBlOqMWdniIQIvPoCnPKwYafyZiQMEJ57UEn3MHeaLjIP973npqLp1galMDuxcxuVdxnAM6rUBAtvwqpYzkhqPTKQe6E2HlODL_AQtRtHYmkvrj6hzj0c_tBj0SLwL3axjZ8mk_tqi-6Q\" alt=\"Line graph titled \u201cCanadian job vacancies still elevated but declining,\u201d shows the path of Canadian job postings on Indeed through July 14, 2023, and JVWS job vacancies through April 2023, both in percentage change from their February 2020 levels. As of July 14, total job postings were still up 27% from February 2020, but had slipped 27% from their peak in early May 2022.\u00a0\" \/><figcaption class=\"wp-element-caption\"><em>Line graph titled \u201cCanadian job vacancies still elevated but declining,\u201d shows the path of Canadian job postings on Indeed through July 14, 2023, and JVWS job vacancies through April 2023, both in percentage change from their February 2020 levels. As of July 14, total job postings were still up 27% from February 2020, but had slipped 27% from their peak in early May 2022.&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<p>The decline in Canadian job postings over the past year has been broad-based, with several patterns worth noting. First, postings in several white-collar occupations including tech and marketing have dropped faster than others (the former from exceptionally high levels), to the point where postings in these fields are now below their pre-pandemic levels. In contrast, while demand has cooled in a majority of sectors \u2014 spanning food services, driving, administrative assistance, and construction, among others \u2014 it has not fallen as dramatically. And a handful of sectors, namely in healthcare and education, have bucked the economy-wide trend and are actually up from a year earlier.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/Sx1ZQQsNORKUU5k3jbYIJQbNKq9d8DuKf-MmL3h66M-oNn9nbFCCUnhJ6oaF8U2xCgCI8PrFqB1MuB3Eti66aTfI42LyRMJzgJRZMrVDugDKgSt6pJwj1CibVuYwiNYH-2hE9dLV3o6O4kLzBIyJowc\" alt=\"Table titled \u201cWhite-collar job postings down from a year ago, healthcare fields up,\u201d showing the year-over-year growth and net growth since February 1, 2020, in job postings across various sectors as of July 14, 2023, divided into sections \u201cStronger than average,\u201d \u201cSimilar to average.\u201d and \u201cWeaker than average.\u201d Postings in health fields are up somewhat from a year earlier, while most other sectors have declined, especially white-collar areas like marketing and software development.\u00a0\" \/><figcaption class=\"wp-element-caption\"><em>Table titled \u201cWhite-collar job postings down from a year ago, healthcare fields up,\u201d showing the year-over-year growth and net growth since February 1, 2020, in job postings across various sectors as of July 14, 2023, divided into sections \u201cStronger than average,\u201d \u201cSimilar to average.\u201d and \u201cWeaker than average.\u201d Postings in health fields are up somewhat from a year earlier, while most other sectors have declined, especially white-collar areas like marketing and software development.&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Low layoffs continue to support employment<\/strong><\/h2>\n\n\n\n<p>Recruiting activity might be down, but so far employers have generally opted to ride out the uncertain environment at current staffing levels. The number of people out of work who were laid off or discharged the prior month averaged 6.8 per thousand employees in the second quarter, similar to a year earlier, and still below the 2017-2019, pre-pandemic range of 8.1 to 9.1. Layoff rates were at or below their pre-pandemic levels across most of the economy, including accommodation and food services as well as historically cyclical industries like manufacturing and construction. New jobs aren\u2019t being created <a href=\"https:\/\/twitter.com\/BrendonBernard_\/status\/1677337895219130369?s=20\" target=\"_blank\" rel=\"noreferrer noopener\">at rapid rates<\/a>, but with relatively few people falling out of work, net employment has remained in positive territory.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/_ChH-lJBUAB22avctP_wohDd0PpYC1iGiJUGbHmNkJ-ldq5oAiXZ35BH8QZXDKKy9QV5AjE8hVz0rP4NusmNQa8wmCVI9crmUJ4Uo1LyvoaVAt7QAd0X6SHhvu11nmFogO_xu8o5bA0yxl5b51i0GAc\" alt=\"A line chart entitled \u201cCanadian layoff rate remains low,\u201d shows monthly layoffs and discharges as a percent of the prior months\u2019 employees between January 2016 and June 2023. The layoff rate in 2023 Q2 was similar to its 2022 level, and below where it stood in earlier years.\" \/><figcaption class=\"wp-element-caption\"><em>A line chart entitled \u201cCanadian layoff rate remains low,\u201d shows monthly layoffs and discharges as a percent of the prior months\u2019 employees between January 2016 and June 2023. The layoff rate in 2023 Q2 was similar to its 2022 level, and below where it stood in earlier years.<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Wage growth elevated, but starting to slow&nbsp;<\/strong><\/h2>\n\n\n\n<p>Cooler hiring appetite is beginning to show up in slower wage growth. After adjusting for changes in job-mix, average hourly earnings in the LFS were up 3.9% year-over-year in June, down from 5.4% in March, their slowest pace over the past 12 months, though still elevated by historical standards. LFS wage growth has cooled most in industries where it was running especially hot, including professional services, accommodation and food, and transportation and warehousing. Pay growth has also eased from early 2022 according to SEPH\u2019s fixed-weight index, averaging 3.8% year-over-year growth over the three months through April.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/35oFzVpB03flSsZtFqnKF75493d2SooBkB-Kh9f_MIX4pSVjxFYQSB1y8BcD9j2lvw7ALLRzIm0TkpL3mZW5kUnN_Mqc9PuPOU0mek5he6N8paJpCAc7nnMWNIcKS89QCgMJlZxomHa9I2eHnarruec\" alt=\"A line chart entitled \u201cWage growth cooling but elevated\u201d shows the year-over-year growth in wages according to the LFS (fixed weight), SEPH (fixed weight, 3-month average), and the Indeed posted wage tracker (3-month average) between March 2019 and June 2023. All three measures currently stand near 4% year-over-year, but have cooled off since mid-2022.\u00a0\" \/><figcaption class=\"wp-element-caption\"><em>A line chart entitled \u201cWage growth cooling but elevated\u201d shows the year-over-year growth in wages according to the LFS (fixed weight), SEPH (fixed weight, 3-month average), and the Indeed posted wage tracker (3-month average) between March 2019 and June 2023. All three measures currently stand near 4% year-over-year, but have cooled off since mid-2022.&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<p>Data from the Indeed Wage Tracker, which measures growth of advertised wages and salaries on Indeed job postings, shows similar trends. Posted wage growth peaked at 5.3% in mid-2022, before easing to a 4.1% pace in the first quarter of 2023, where it has held steady through June. Posted wage growth has cooled across most categories, but has held steadier among lower-paying sectors including customer and food services, helping keep the overall trend elevated.&nbsp;<\/p>\n\n\n\n<p>Overall, falling job vacancies have likely influenced the turn in wage growth in recent quarters. Another potential factor is that with both headline inflation and <a href=\"https:\/\/www.bankofcanada.ca\/2023\/06\/business-outlook-survey-second-quarter-of-2023\/#chart10\" target=\"_blank\" rel=\"noreferrer noopener\">business inflation expectations<\/a> easing over the past year, companies might be planning for less substantial cost-of-living adjustments going forward. Inflation swept past wage growth when prices were on the upswing, now the question is whether wages can catch up from earlier losses.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Job seeker confidence slips<\/strong><\/h2>\n\n\n\n<p>Some job seekers are noticing that opportunities aren\u2019t as plentiful as they were earlier in the recovery. According to the second quarter Indeed Job Seeker Survey, 48% of active Canadian job seekers were at least somewhat confident they could find work quickly, down from 53% in Q1, the lowest quarterly reading since 2021. Most of the drop-off in confidence was among employed job seekers, especially those with university education, while sentiment among those unemployed was steadier, though at a lower level.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/EqU9KvnBFJgyD0OAVg_JMzP8JYpaAJCLC_DPtRcaBGapL1s6N4EGbVhAG4vUsrNkL_1ytCym6GbLQ1bzoUaWK84oKeFaa_spxOMc0BgiSlToUqJgR7HYwxW42oE4Dhb1Von2qdQPeqx2mqXj7s9HtRU\" alt=\"Line graph titled \u201cEmployed job seeker confidence back at 2021 levels,\u201d shows the share of job seekers reporting they were somewhat or very confident they could find a job within the next month between July 2021 and June 2023, with different coloured lines representing employed, not employed, and total. In the second quarter of 2023, 48% of respondents who were actively searching for work were confident, down from 53% in the first quarter.\u00a0\" \/><figcaption class=\"wp-element-caption\"><em>Line graph titled \u201cEmployed job seeker confidence back at 2021 levels,\u201d shows the share of job seekers reporting they were somewhat or very confident they could find a job within the next month between July 2021 and June 2023, with different coloured lines representing employed, not employed, and total. In the second quarter of 2023, 48% of respondents who were actively searching for work were confident, down from 53% in the first quarter.&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<p>Both the labour market and the broader global economy have navigated central banks\u2019 tightening cycles relatively well so far, but the situation remains tense. It is still a job seeker\u2019s market, but hiring conditions aren\u2019t as tight as they were and in some white-collar fields they\u2019re no longer particularly tight at all. The question for the labour market heading into the second half of the year is whether the broader economy can remain above water as it treads through what could be a <a href=\"https:\/\/www.bankofcanada.ca\/2023\/06\/business-outlook-survey-second-quarter-of-2023\/#Overview\" target=\"_blank\" rel=\"noreferrer noopener\">softer period of growth<\/a>.&nbsp;<\/p>\n\n\n\n<p><strong><em>Methodology<\/em><\/strong><\/p>\n\n\n\n<p><em>All job postings figures in this blog post are the index of seasonally-adjusted Canadian job postings on Indeed re-based to February 1, 2020, using a seven-day trailing average. February 1, 2020, is our pre-pandemic baseline. We seasonally adjust each series based on historical patterns in 2017, 2018, and 2019. Each series, including the national trend, occupational sectors, and sub-national geographies, is seasonally adjusted separately. This week, we applied our quarterly revision, which updates seasonal factors and fixes data anomalies. Historical numbers have been revised and may differ from originally reported values. New job postings are posts that are seven days old or less.&nbsp;<\/em><\/p>\n\n\n\n<p><em>The number of job postings on Indeed, whether related to paid or unpaid job solicitations, is not indicative of potential revenue or earnings of Indeed, which comprises a significant percentage of the HR Technology segment of its parent company, Recruit Holdings Co., Ltd. Job posting numbers are provided for information purposes only and should not be viewed as an indicator of performance of Indeed or Recruit. Please refer to the Recruit Holdings investor relations website and regulatory filings in Japan for more detailed information on revenue generation by Recruit\u2019s HR Technology segment.<\/em><\/p>\n\n\n\n<p><em>To calculate fixed-weight wage growth in the LFS, we bucket LFS microdata for each of the 43 occupation groups into three levels of job tenure (6 months or less, 7 to 24 months, and 25 months and over), and recalculate headline average wages into a composition-adjusted measure by holding their respective weights constant at February 2020 levels.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Not as hot, but holding on.<\/p>\n","protected":false},"author":38,"featured_media":14361,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"recruiter-hub-blocks.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[608],"post_mwm_category":[715],"post_topic":[],"post_content_type":[],"post_duration":[],"post_actions":[],"post_franchise":[],"post_mwm_author":[670],"class_list":["post-14357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-multimedia","post_mwm_category-state-of-the-labour-market","post_mwm_author-bbernard"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Labour Market Update: Second Quarter 2023 - Indeed Hiring Lab Canada<\/title>\n<meta name=\"description\" content=\"The Canadian labour market shifted down a gear, but held resilient during the second quarter of 2023. Employer hiring appetite continued to ease, but remained elevated, though postings in tech and a few other white collar fields have slipped below pre-pandemic levels.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hiringlab.org\/en-ca\/2023\/07\/25\/canadian-labour-market-update-second-quarter-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canadian Labour Market Update: Second Quarter 2023 - Indeed Hiring Lab Canada\" \/>\n<meta property=\"og:description\" content=\"The Canadian labour market shifted down a gear, but held resilient during the second quarter of 2023. 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