06:59 AM EDT, 03/28/2025 (MT Newswires) -- Canada's job vacancy rate dipped a tick to 2.9% in January, noted Bank of Montreal (BMO).

That leaves it slightly below (0.3 ppts) levels that prevailed before the pandemic in 2019.

Conditions are still very tight in health care amid a shortage of workers, said the bank. Public administration and mining/oil and natural gas are also still tighter than pre-pandemic norms.

At the other end, some industries that had been very tight, such as finance and professional services, are now seeing vacancy rates below pre-pandemic levels, pointed out BMO.

Manufacturing is notable given the potential impact of the trade war with the United States, and auto tariffs

specifically, added the bank. The vacancy rate in the industry now sits at 2.2%, down from 2.5% a year ago,

5.4% at the 2022 high, and 2.9% on average in

2019.

In other words, the sector was already seeing softer job market conditions coming into this potentially tough period, according to BMO.