The Canadian job market experienced a slight decline in the second quarter of 2023, but it is still relatively tighter than pre-COVID levels, as reported by Statistics Canada. Job vacancies decreased, while the number of unemployed persons increased by 44,300.

The unemployment-to-job vacancy ratio increased to 1.4, from 1.3 in the previous quarter to 1.1 in the second quarter of 2022.

Despite this softening, the proportion remains below pre-pandemic levels, typically above 2.0.

Wage growth also decelerated, with average hourly wages increasing by 4.4% year-over-year in the second quarter, compared to 5% in the previous quarter.

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