The unemployment rate in Canada fell for the third straight month to 7.1% in August of 2021 from 7.5% in July, slightly below market forecasts of 7.3%. That was the lowest jobless rate since the onset of the Covid-19 pandemic in February of 2020, as most jurisdictions in Canada had implemented the final or near-final stages of their public health reopening plans. The total number of unemployed fell by 81,400, the number of people in the labour force increased by 9,000 and the labour force participation rate dropped by 0.1 percentage points to 65.1%. Employment rose by 90,200, the third consecutive monthly increase, but missing market estimates of 100,000. Job gains were concentrated in full-time work (+69,000; +0.4%). Unemployment for youth aged 15 to 24 was little changed in August. source: Statistics Canada
Unemployment Rate in Canada averaged 7.65 percent from 1966 until 2021, 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 September of 2021.
Unemployment Rate in Canada is expected to be 7.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Canada Unemployment Rate is projected to trend around 6.50 percent in 2022 and 6.20 percent in 2023, according to our econometric models.