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But Lower Vacancies Suggest At Least Some Cooling In Labor Demand [2/2]

CANADA DATA
  • Going against this though was a further drop in the vacancy rate, this time just a tenth but to 4.4% for the lowest since May’21.
  • It tilted the ratio of vacancies to unemployed to 0.7 for its lowest since Jan’22, down from highs of 1.0 in mid-2022 and closer to the 2019 average of 0.5.
  • Data collection differences aside, the outright level of the ratio remains far lower than in the US, and most recently has shown a slightly more pronounced move lower.

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