07:01 AM EDT, 07/26/2024 (MT Newswires) -- Canada's job vacancy rate fell further to 3.1% in May, matching the lowest level in over six years, noted Bank of Montreal (BMO).

That's also the low end of the pre-COVID range, and reflects the fact that broad job-market tightness has fully unwound, said the bank.

Indeed, labor demand has flattened, with the level of job vacancies now sitting at 560,000, versus more than one million at the 2022 high. At the same time, labor force growth continues to run at a robust 3% y/y pace.

The softness is also becoming more widespread, with vacancy rates in 12 of 20 major industries now below their 2019 average; and a further five within 0.5 ppts of that level.

Health care is really the exception, where the job vacancy rate still sits 1.7 ppts above 2019 amid some clear structural issues, pointed out the bank.

From a cyclical perspective though, the job market continues to loosen and the Bank of Canada (BoC) has noticed, added BMO.