The unemployment rate in Canada was at 5% in December of 2022, the lowest since the record-low of 4.9% in June and July, decreasing from 5.1% in the prior month and beating market estimates of 5.2%. The result signaled that the Canadian labor market remains stubbornly tight, adding tightening leeway for the Bank of Canada despite its latest signal that rate hikes should end soon. The number of unemployed individuals fell by 12.7 thousand to 1,036,900, driven by lower unemployment in core-aged men, while female unemployment and youth unemployment was relatively unchanged. In the meantime, the number of employed individuals rose by 104 thousand to 20,807,100, with notable increases in professional, scientific, and technical services (1.3% to 1,844,000) and construction (2.3% to 1,554,300). Meanwhile, the labor force participation rate rose by 0.2 percentage points to 65%. source: Statistics Canada
Unemployment Rate in Canada averaged 7.60 percent from 1966 until 2022, 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 February of 2023.
Unemployment Rate in Canada is expected to be 5.20 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 6.00 percent in 2024, according to our econometric models.