The unemployment rate in Canada rose to 5.7% in October of 2023 from 5.5% in the previous month, the highest since January of 2022 and above market expectations of 5.6%. The result was in line with the Bank of Canada’s warning that its aggressive rate-hiking cycle has had a notable impact on slowing down the Canadian economy, prompting softer labor market conditions, although the unemployment rate remained below pre-pandemic averages. The number of jobless individuals rose by 40,300 to 1,229,400 in the period. Additionally, 60.1% of the unemployed population has remained unemployed for over a month, indicating that job seekers face greater difficulty in finding available positions. In the meantime, 17,500 jobs were added to the Canadian economy in the period, slightly below expectations of 22,500, while average hourly wage growth slowed further. source: Statistics Canada
Unemployment Rate in Canada increased to 5.70 percent in October from 5.50 percent in September of 2023. Unemployment Rate in Canada averaged 7.57 percent from 1966 until 2023, 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 November of 2023.
Unemployment Rate in Canada increased to 5.70 percent in October from 5.50 percent in September of 2023. Unemployment Rate in Canada is expected to be 5.90 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 6.30 percent in 2024 and 6.50 percent in 2025, according to our econometric models.