New job postings are slowing, pointing to a cooling labour market

New job postings across major markets in Canada are slowing and is down 33% in May 2023 versus the peak in April 2022, according to EMSI data.  Although job postings are still well above monthly averages, and employment remains tight, recent data from Statistics Canada is also pointing to a cooling labour market as 17,000 jobs were lost in May, the first net job loss in nine months.  This is good news for the Bank of Canada as they continue their efforts to tame wage increases and bring inflation closer to the 2% target.