The Daily — Payroll employment, earnings and hours, and job vacancies, March 2024 (2024)

Released:2024-05-30

The number of employees receiving pay and benefits from their employer—measured as "payroll employment" in the Survey of Employment, Payrolls and Hours—increased by51,400(+0.3%) in March following an increase of14,600(+0.1%) in February. On a year-over-year basis, payroll employment was up by232,100(+1.3%) in March.

Meanwhile, job vacancies in Canada decreased by40,600(-6.2%) to610,700in March, marking the largest decline since September2023.

In March2024, monthly payroll employment increases were recorded in11out of20sectors, led by health care and social assistance (+11,700; +0.5%), educational services (+8,100; +0.6%), manufacturing (+7,300; +0.5%), construction (+2,600; +0.2%) and wholesale trade (+2,600; +0.3%). Retail trade (-2,400; -0.1%) was the lone sector to record a monthly decline in March. The remaining eight sectors recorded little change.

Payroll employment in health care and social assistance continues to trend upward in March

Payroll employment in health care and social assistance increased by11,700(+0.5%) in March, continuing an upward trend since September2022, with a cumulative gain of144,300(+6.5%) over this period.

Monthly gains in March2024in the sector were led by general medical and surgical hospitals (+3,300; +0.5%), nursing care facilities (+1,700; +0.7%), individual and family services (+1,500; +0.8%) and home health care services (+1,200; +1.4%).

Payroll employment growth in educational services led by elementary and secondary schools on a year-over-year basis

Payroll employment in educational services increased by8,100(+0.6%) in March, following an increase in February (+11,400; +0.8%) and a decrease in January (-3,000; -0.2%).

From March2023to March2024, payroll employment in the sector rose by31,600(+2.2%), and this gain was concentrated in elementary and secondary schools (+14,900; +1.8%), community colleges and CEGEPs (+10,900; +8.3%) and universities (+3,000; +0.9%). Taken together, these three groups accounted for91.6% of payroll employment in educational services in March2024.

March payroll employment gain in manufacturing more than offsets the loss in February

Payroll employment in manufacturing rose by7,300(+0.5%) in March, more than offsetting the loss in February (-1,700; -0.1%). Despite the monthly increase, payroll employment in the sector remained down from its recent peak recorded in June2023(-2,500; -0.2%).

In March2024, increases were recorded in8out of21subsectors, led by chemical manufacturing (+3,300; +3.5%), food manufacturing (+2,000; +0.8%) and non-metallic mineral product manufacturing (+800; +1.7%). Petroleum and coal product manufacturing was the sole subsector to record a loss (-1,100; -6.8%). The remaining12subsectors were little changed.

Payroll employment rises for the second consecutive month in construction

Payroll employment in construction rose by2,600(+0.2%) in March, following an increase in February (+6,700; +0.6%) and little change from October2023to January2024. On a year-over-year basis, payroll employment in the construction sector was up by16,100(+1.4%) in March.

Monthly gains in the sector in March were recorded in non-residential building construction (+1,300; +1.0%), highway, street and bridge construction (+1,100; +1.9%), other specialty trade contractors (+1,100; +0.8%) and utility system construction (+700; +0.9%). These gains were partially offset by declines in residential building construction (-800; -0.5%), foundation, structure and building exterior contractors (-400; -0.3%) and building finishing contractors (-300; -0.3%).

Average weekly earnings little changed in March

Month over month, average weekly earnings were little changed at $1,236in March. Transportation and warehousing (+1.6% to $1,291) and retail trade (+1.5% to $746) recorded the largest monthly gains in average weekly earnings in March.

On a year-over-year basis, average weekly earnings were up4.2% in March, following a4.3% increase in February. In general, growth in average weekly earnings can reflect a range of factors, including changes in wages, composition of employment, hours worked, and base-year effects.

In March, average weekly hours worked were little changed on a monthly basis but were up0.9% (to33.5hours) year over year.

Largest decline in job vacancies since September2023

In March2024, job vacancies in Canada decreased by40,600(-6.2%) to610,700, marking the largest month-over-month decline since September2023. Job vacancies had previously followed a steady downward trend from May2022to September2023. Compared with March2023, total job vacancies were down by192,800(-24.0%) in March2024.

Total labour demand, which corresponds to the sum of filled and unfilled positions, decreased by0.3% in March compared with the previous month, and was down0.4% from a year earlier.

The job vacancy rate—which corresponds to the number of vacant positions as a proportion of total labour demand—decreased0.2percentage points month over month to3.4% in March, and was1.1percentage points lower than in March2023(4.5%).

Unemployment-to-job vacancy ratio highest since May2021

There were2.2unemployed persons for every job vacancy in March2024, up from1.9in February. The increase in the unemployment-to-job vacancy ratio in March was driven by a decrease in job vacancies (-40,600; -6.2%) and an increase in the number of unemployed persons (+59,900; +4.8%). The ratio in March was the highest since May2021(2.5). Year over year, the unemployment rate from the Labour Force Survey—a monthly household survey of the working-age population—increased by1.0percentage points from March2023(5.1%) to March2024(6.1%).

In March, job vacancies decreased in construction (-11,000; -19.1%), accommodation and food services (-10,200; -12.9%), retail trade (-8,800; -12.7%), and finance and insurance (-6,300; -23.1%). Meanwhile, information and cultural industries (+2,700; +54.1%), and educational services (+2,700; +12.9%) recorded increases in vacancies. The remaining14sectors were little changed.

On a year-over-year basis, vacant positions were down in14of20sectors, led by accommodation and food services (-39,500; -36.5%), retail trade (-29,900; -33.1%), health care and social assistance (-24,100; -16.6%), and construction (-22,600; -32.6%).

Construction records the lowest number of vacancies since December2020

The number of job vacancies in construction fell by11,000(-19.1%) to46,700in March2024, the lowest level since December2020(43,300). Since March2023, the number of job vacancies in construction has declined by22,600(-32.6%). The job vacancy rate in the sector was3.8% in March2024, down0.9percentage points from February (4.7%) and down1.8percentage points from a year earlier (5.6%).

Job vacancies in finance and insurance decrease

In March, job vacancies in finance and insurance decreased by6,300(-23.1%), offsetting most of the cumulative increase of7,600recorded in January and February. On a year-over-year basis, job vacancies in finance and insurance were down by4,700(-18.2%) in March. The job vacancy rate in the sector was2.4% in March, down0.6percentage points from the same month a year earlier (3.0%).

Job vacancies and labour demand decrease in retail trade

The number of vacant positions in retail trade decreased by8,800(-12.7%) to60,200in March2024. Compared with March2023, job vacancies in this sector decreased by29,900(-33.1%) in March2024. Over the12-month period, total labour demand in retail trade decreased by2.3%, reflecting both a decrease in payroll employment (-0.9%) and in job vacancies (-33.1%).

The job vacancy rate in retail trade for March2024stood at2.9%, marking a decrease of0.4percentage points from February, and a decrease of1.3percentage points from a year earlier.

Vacancies remain elevated in health care and social assistance

In March, there were121,400job vacancies in health care and social assistance, representing nearly one-fifth (19.9%) of total job vacancies. The number of vacancies in the sector was virtually unchanged from the previous month, but down by24,100(-16.6%) on a year-over-year basis.

Year over year, total labour demand in the sector was up2.4% in March, as payroll employment increased by3.6% and job vacancies decreased by16.6%.

Job vacancies decrease in Ontario, Quebec, British Columbia, and Newfoundland and Labrador

In March, decreases in job vacancies were recorded in Ontario (-14,700; -6.3%), Quebec (-12,500; -8.4%), British Columbia (-9,300; -8.7%), and Newfoundland and Labrador (-1,000, -16.8%). Meanwhile, job vacancies increased in Prince Edward Island (+600; +28.3%). Vacancies were little changed in the remaining five provinces.

On a year-over-year basis, the job vacancy rate was down in all provinces in March. The provinces with the largest year-over-year declines were Quebec (-1.5percentage points to3.4%), British Columbia (-1.3percentage points to3.9%), and Prince Edward Island (-1.3percentage points to3.9%).

British Columbia (3.9%) and Prince Edward Island (3.9%) had the highest job vacancy rates in March, followed by Saskatchewan (3.7%) and Alberta (3.7%). Meanwhile, Ontario (3.2%) and Newfoundland and Labrador (2.5%) recorded the lowest job vacancy rates in March.

Products

More information about the concepts and use of the Survey of Employment, Payrolls and Hours is available in the Guide to the Survey of Employment, Payrolls and Hours (Catalogue number72-203-G).

The product "Earnings and payroll employment in brief: Interactive app" (14200001) is now available. This interactive data visualization application provides a comprehensive picture of the Canadian labour market using the most recent data from the Survey of Employment, Payrolls and Hours. The estimates are seasonally adjusted and available by province and largest industrial sector. Historical estimates that go back10years are also included. The interactive application allows users to explore and personalize the information presented quickly and easily. Combine multiple provinces and industrial sectors to create your own labour market domains of interest.

Contact information

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