The record number of business vacancies in the first half of 2021, when employment has not yet recovered all the ground lost since the first wave of the pandemic and the number of unemployed remains higher, has been the subject of much discussion in Quebec, but also in the United States and other advanced economies. Without a historical perspective and a thorough understanding of labour market dynamics, many observers have concluded that every job vacancy is a job loss and that the increase, or even the existence, of job vacancies is indicative of a significant failure of the Quebec economy and labour market. The Ministère du Travail, de l'Emploi et de la Solidarité sociale has conducted an analysis of U.S. job vacancy statistics, available for nearly 21 years, to establish links between job vacancies and other elements of the complex labour market dynamics (e.g., number of hires, number of layoffs) in which they occur. A comparison with the situation in British Columbia is also made. This allows us to put the current situation in Quebec regarding the increase in the number of job vacancies into a historical perspective and to look at the impact that this may have on Quebec's prosperity.