The unemployment rate in Canada rose to 13 percent in April of 2020 from 7.8 percent in the previous month and compared to market expectations of 18 percent. Over the period since comparable data became available in 1976, the April unemployment rate was second only to the 13.1 percent observed in December 1982. The April unemployment rate would be 17.8 percent, when adjusted to reflect those who were not counted as unemployed for reasons specific to the COVID-19 economic shutdown. The economy shed more than 1.99 million jobs due to both full-time work (-1472 thousand) and part-time employment (-521.9 thousand). The labour force participation rate went down to 58.9 percent from 63.5 percent, the lowest on record. In April, the overall youth unemployment rate increased to 27.2 percent from 16.8 percent in the prior month, the highest on record.
Unemployment Rate in Canada averaged 7.61 percent from 1966 until 2020, 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. 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 May of 2020. source: Statistics Canada
Unemployment Rate in Canada is expected to be 16.80 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 15.00 in 12 months time. In the long-term, the Canada Unemployment Rate is projected to trend around 10.50 percent in 2021 and 8.00 percent in 2022, according to our econometric models.