There are signs that labour markets in this country are starting to shift.
One of the metrics we track while following developments in the relationship between employers and workers is the job vacancy rate. Basically, this is the number of positions created by employers are going unfilled — and that is declining.
Saskatchewan, for example, has seen its vacancy rate drop by about 4,000 positions from early last fall to the end of the year. It now stands at 23,000. In other words, employers are currently in need of more than 20,000 people to keep up to demand.
But it also points to a tightening in the market as the vacancy rate is dropping but it is still dramatically higher than Manitoba which saw vacancies fall at twice that pace.
We’re not exactly sure what is causing the drop, but one reason may be higher interest rates taking a bite out of economic activity and reducing labour demand or it could be that more people are moving here and taking those spots.