07:08 AM EDT, 09/27/2024 (MT Newswires) -- July's payrolls report (SEPH) showed Canada's job vacancies

continued to fall, extending a downtrend since the

mid-2022 peak in labor market tightness, said Bank of Montreal (BMO).

A number of sectors contributed to the month's decrease,

including transportation and warehousing and accommodation and food services, noted the bank. The latter has dropped below pre-pandemic levels in recent months following a surge after restrictions were lifted.

Comparable with the overall trend, the job vacancy rate --

which measures openings as a share of total labor demand (openings plus payrolls) -- ticked down to 3.0%, its lowest since 2018. That suggests the cooler job market conditions are reflected in pulled openings more so than outright layoffs, stated the bank.

That's the ideal scenario for the Bank of Canada as it looks to keep inflation on a sustained path to target, according to BMO.