The unemployment rate in Canada decreased to 5.6 percent in November of 2018 from 5.8 percent in the previous month while markets had expected it to remain steady at 5.8 percent. It is the lowest jobless rate since comparable data became available in 1976. The economy added 94.1 thousand jobs in November, after creating 11.2 thousand in October and compared with market consensus of 11 thousand. Full-time hiring grew (+89.9 thousand) and part-time jobs increased (+4.1 thousand). Unemployment Rate in Canada averaged 7.65 percent from 1966 until 2018, reaching an all time high of 13.10 percent in December of 1982 and a record low of 2.90 percent in June of 1966.
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. Looking forward, we estimate Unemployment Rate in Canada to stand at 5.80 in 12 months time. In the long-term, the Canada Unemployment Rate is projected to trend around 6.70 percent in 2020, according to our econometric models.