The unemployment rate in Canada dropped to 10.9 percent in July 2020, easing further from April’s record high of 13.7 percent and compared with market expectations of 11 percent, as people continued to return to the labor market amid the easing of coronavirus-induced lockdowns restrictions. The economy added 418.5 thousand jobs, above forecasts of a 400 thousand gain, due to both full-time work (73.2 thousand) and part-time employment (345.3 thousand). The labour force participation rate went up to 64.3 percent from 63.8 percent in the prior month. The youth unemployment rate declined to 24.2 percent from 27.5 percent in June.
Unemployment Rate in Canada averaged 7.62 percent from 1966 until 2020, reaching an all time high of 13.70 percent in May of 2020 and a record low of 2.90 percent in June of 1966. This page provides - Canada Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: Statistics Canada
Unemployment Rate in Canada is expected to be 15.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Canada to stand at 9.00 in 12 months time. In the long-term, the Canada Unemployment Rate is projected to trend around 7.50 percent in 2021 and 6.50 percent in 2022, according to our econometric models.