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'Job seekers market' in Canada as vacancies soar 72% higher than before pandemic

Financial Post: "The report is positive, because a rebalancing of the labour market will be necessary to calm worries about rampant inflation, which spiked to 4.8 per cent in December from a year earlier, according to Statistics Canada’s consumer price index. Understaffed businesses can’t keep up with orders, and that’s putting upward pressure on the price of goods by constraining supply. An outsized number of unfilled positions also could push wages higher, a mixed blessing for the economy because companies might raise their prices to offset larger salary commitments.

"To be sure, vacancies remain unusually high even after November’s decline. The total was 72 per cent higher than the fourth quarter of 2019, and the vacancy rate, which measures vacant positions as a share of all positions, was 5.1 per cent, compared with three per cent before the pandemic, Statistics Canada said."

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