The unemployment rate in Canada declined for the second consecutive month in March of 2021, falling 0.7 percentage points to 7.5 percent, the lowest since February 2020 and well below market expectations of 8 percent. This reflected strong employment growth that exceeded the number of people entering the labour market. The number of people unemployed fell 148,000 (-8.9%) in March, with the majority (59.0%) of people leaving unemployment becoming employed. Despite sharp reductions in both February and March, the number of people unemployed stood at 1.5 million, up 371,000 (+32.4%) compared with February 2020. Looking ahead, restrictions have been tightened in a number of jurisdictions across Canada, including in British Columbia, Quebec and Ontario, where "circuit breaker" lockdowns of various degrees have been implemented in recent weeks and are likely to impact the next labour market release on May 7th. 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 May of 2021.
Unemployment Rate in Canada is expected to be 8.00 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 7.10 in 12 months time. In the long-term, the Canada Unemployment Rate is projected to trend around 6.70 percent in 2022 and 6.20 percent in 2023, according to our econometric models.