The unemployment rate in Canada fell to 5.6 percent in December of 2019 from 5.9 percent in the previous month and below market expectations of 5.8 percent. The economy added 35.2 thousand jobs, driven by gains in full-time work (+38.4 thousand). Meantime, the labour force participation rate fell to 65.5 percent from 65.6 percent in November, below market consensus of 65.7 percent. During the year, the unemployment rate declined to a record low of 5.4 percent in May. Unemployment Rate in Canada averaged 7.61 percent from 1966 until 2019, 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. source: Statistics Canada
Unemployment Rate in Canada is expected to be 6.00 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 5.80 percent in 2020, according to our econometric models.