The unemployment rate in Canada was unchanged at 4.9% in July of 2022, the lowest on record and below market expectations of 5%. The number of unemployed fell by 3,600 workers to 1,003,500, and long-term unemployment fell by 23,000 to 162,000. Still, employment in Canada unexpectedly declined by 30,600 pointing to the second consecutive month of job losses. At the industry level, a decline in the services-producing sector (-0.3% to 15.5 million) more than offset the increase in the goods-producing sector (+0.6% to 4 million). Also, the decrease in the number of employees working in the public sector (-1.2% to 4.3 million) was tempered by a gain among self-employed workers (+1.3% to 2.7 million), while private sector employees showed little change (-0.1% to 12.6 million). As both unemployment and employment fell, the labor force participation rate dropped by 0.1 percentage points to 54.4%. The decline in employment was primarily seen in Ontario and Prince Edward Island. source: Statistics Canada
Unemployment Rate in Canada averaged 7.62 percent from 1966 until 2022, 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 2022.
Unemployment Rate in Canada is expected to be 5.40 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 5.50 percent in 2023, according to our econometric models.