The unemployment rate in Canada dropped to 9.0 percent in September of 2020 from 10.2 percent in the previous month and well below market expectations of 9.7 percent. The jobless rate fell for the fourth consecutive month, down from an all-time high of 13.7% reached in May as a result of the COVID-19 economic shutdown, but still remaining well above 5.6% reported in February. The economy added 378.2 thousand jobs, beating forecasts of a 156.6 thousand gain, due to both full-time work (+334 thousand) and part-time employment (+44 thousand). The labour force participation rate increased to 65 percent from 64.6 percent in the prior month, above consensus of 64.8 percent. The youth unemployment rate declined to 18.9 percent from 23.1 percent in August.
Unemployment Rate in Canada averaged 7.64 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 October of 2020. source: Statistics Canada
Unemployment Rate in Canada is expected to be 10.10 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 9.30 in 12 months time. In the long-term, the Canada Unemployment Rate is projected to trend around 8.50 percent in 2021 and 6.50 percent in 2022, according to our econometric models.