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.

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Canada Unemployment Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2023-10-06 12:30 PM
Unemployment Rate
Sep 5.5% 5.5% 5.6% 5.6%
2023-11-03 12:30 PM
Unemployment Rate
Oct 5.7% 5.5% 5.6% 5.5%
2023-12-01 01:30 PM
Unemployment Rate
Nov 5.7% 5.8%


Related Last Unit Reference
Unemployment Rate 5.70 percent Oct 2023
Employed Persons 20287.60 Thousand Oct 2023
Unemployed Persons 1229.40 Thousand Oct 2023
Full Time Employment -3.30 Thousand Oct 2023
Part Time Employment 20.80 Thousand Oct 2023
Employment Change 17.50 Thousand Oct 2023
Labor Force Participation Rate 65.60 percent Oct 2023
Youth Unemployment Rate 11.40 percent Oct 2023
Labour Costs 133.81 points Jun 2023
Productivity 105.60 points Jun 2023
Wages 29.52 CAD/Hour Aug 2023
Wages in Manufacturing 30.33 CAD/Hour Aug 2023
Minimum Wages 16.65 CAD/Hour Apr 2023
Population 39.29 Million Dec 2022
Average Hourly Earnings 35.01 CAD Oct 2023
Employment Rate 61.90 percent Oct 2023
Wage Growth 4.20 percent Aug 2023
Non Farm Payrolls 18019.00 Thousand Aug 2023
Job Vacancies 818195.00 Jun 2023

Canada Unemployment Rate
In Canada, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force.
Actual Previous Highest Lowest Dates Unit Frequency
5.70 5.50 13.70 2.90 1966 - 2023 percent Monthly
SA

News Stream
Canada Unemployment Rate Rises to 21-Month High
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.
2023-11-03
Canada Unemployment Rate Steady at 5.5%
The unemployment rate in Canada remained unchanged for the third consecutive period at 5.5% in September of 2023, the highest since January 2022 and slightly missing the estimates of 5.6%. Still, the jobless rate stayed well below pre-pandemic averages. Unemployment rose by 8.1 thousand to 1.189 million, while a net of 63.8K jobs were created, well above estimates of a 20 thousand addition. Joblessness increased by 0.4% for core-aged men, while staying virtually the same for core-aged women. Unemployment among youth of both genders was little changed from that in May.
2023-10-06
Canada Unemployment Rate Unchanged at 18-Month High
The unemployment rate in Canada was at 5.5% in August of 2023, remaining unchanged from the 18-month high from the previous month and slightly below market estimates of 5.6%. The data consolidated evidence of some softening in the Canadian labor market since the prior year, but the jobless rate remains well below pre-pandemic averages and the labor market is tight when compared to historical levels. Unemployment rose by 14.2 thousand individuals to 1.181 million, with 57.8% of unemployed individuals being unemployed for over one month. Joblessness fell 0.4% for core-aged women, offsetting the 2.5% increase in the male youth, while unemployment for the female youth and core-aged men remained relatively unchanged. In the meantime, a net of 39.9 thousand individuals to 20.166 million, well above estimates of a 15 thousand increase.
2023-09-08