It seems employers are making a bit of headway in placing workers in jobs that were going unfilled.
The job vacancy rate in May was down to 4.3-percent in Saskatchewan, the lowest it’s been so far this year. And it is pretty in line with the rest of the country.
The central bank has been fighting the strong labor market with higher interest rates in hopes of slowing things down in order to tame inflation. But the job market has remained remarkably resilient with employers still scrambling to find talent to meet customer demand when monetary policy was trying to discourage hiring.
And while the falling rate in some regions may be the result of interest rate pressure, it also might be caused by population growth. We’ve never had more people living in Canada and migration to the country is running at unprecedented rates, especially here in the West.
That labour pool expansion is helping employers find workers and, at the same time, is stimulating the economy as Saskatchewan and Alberta lead the nation in GDP growth.
