The unemployment rate in Canada edged higher to 5.5% in July of 2023 from 5.4% in the previous month, aligned with market expectations, marking the third consecutive increase to levels last seen in January 2022 to reflect some softening in the Canadian labor market. Still, the figure remained firmly below pre-pandemic levels, holding the possibility that the BoC may still raise interest rates in September. Unemployment rose by 28 thousand people to 1,116,800, with notable increases seen for young and core-aged females. Additionally, 53.6% of the unemployed Canadian population was outside the labor force in the previous month, while only 38.7% of June’s labor force lost their jobs. In the meantime, a net 6,400 jobs were removed from the Canadian economy, surprising markets that expected a 21,100 gain, with a 27,500 decline in employment in goods-producing sectors offsetting a 21,200 increase in services-producing sectors. source: Statistics Canada

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 August of 2023.

Unemployment Rate in Canada is expected to be 5.60 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.

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Canada Unemployment Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-07 12:30 PM Jun 5.4% 5.2% 5.3% 5.4%
2023-08-04 12:30 PM Jul 5.5% 5.4% 5.5% 5.4%
2023-09-08 12:30 PM Aug 5.5% 5.5%


Related Last Previous Unit Reference
Unemployment Rate 5.50 5.40 percent Jul 2023
Employed Persons 20166.40 20172.80 Thousand Jul 2023
Unemployed Persons 1166.80 1147.10 Thousand Jul 2023
Full Time Employment 1.70 109.60 Thousand Jul 2023
Part Time Employment -8.10 -49.80 Thousand Jul 2023
Employment Change -6.40 59.90 Thousand Jul 2023
Labor Force Participation Rate 65.60 65.70 percent Jul 2023
Youth Unemployment Rate 10.20 11.50 percent Jul 2023
Labour Costs 130.69 129.05 points Mar 2023
Productivity 106.42 107.06 points Mar 2023
Wages 29.76 29.67 CAD/Hour May 2023
Wages in Manufacturing 31.24 31.49 CAD/Hour May 2023
Minimum Wages 16.65 15.55 CAD/Hour Apr 2023
Population 39.29 38.43 Million Dec 2022
Average Hourly Earnings 34.55 34.20 CAD Jul 2023
Employment Rate 62.00 62.20 percent Jul 2023
Wage Growth 3.60 2.90 percent May 2023
Non Farm Payrolls 17990.00 17860.00 Thousand May 2023
Job Vacancies 781205.00 855890.00 Mar 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
5.50 5.40 13.70 2.90 1966 - 2023 percent Monthly
SA

News Stream
Canada Unemployment Rate Rises to 1-1/2-Year High
The unemployment rate in Canada edged higher to 5.5% in July of 2023 from 5.4% in the previous month, aligned with market expectations, marking the third consecutive increase to levels last seen in January 2022 to reflect some softening in the Canadian labor market. Still, the figure remained firmly below pre-pandemic levels, holding the possibility that the BoC may still raise interest rates in September. Unemployment rose by 28 thousand people to 1,116,800, with notable increases seen for young and core-aged females. Additionally, 53.6% of the unemployed Canadian population was outside the labor force in the previous month, while only 38.7% of June’s labor force lost their jobs. In the meantime, a net 6,400 jobs were removed from the Canadian economy, surprising markets that expected a 21,100 gain, with a 27,500 decline in employment in goods-producing sectors offsetting a 21,200 increase in services-producing sectors.
2023-08-04
Canadian Jobless Rate at Highest in 16-Months
The unemployment rate in Canada rose to 5.4% in June of 2023 from 5.2% in the previous month, the highest since February of 2022 and slightly above market estimates of 5.3%. Still, it was only the second monthly increase since August of 2022 and the jobless rate remained firmly below averages from prior to the pandemic-induced crash of 2020, underscoring tightness in the labor market. Unemployment rose by 25.1 thousand individuals to 1.15 million in the period, largely due to an increase in the labor force. In the meantime, 60 thousand jobs were added to the Canadian economy, thrice of market expectations, with notable increases in wholesale and retail trade (33 thousand), manufacturing (27 thousand), and healthcare and social assistance (21 thousand) offsetting declines in construction (-14 thousand) and educational services (-14 thousand).
2023-07-07
Canadian Unemployment Rises More than Expected
The unemployment rate in Canada rose to 5.2% in May of 2023 after remaining at 5% for the five previous months, above market estimates of 5.1% to mark the first monthly increase in the unemployment rate since August 2022. The data suggested that the Canadian labor market is starting to give in to higher interest rate from the BoC after remaining stubbornly tight for a long period, as unemployment rose by 34,800 individuals to 1,058,200. Joblessness was notably higher among people aged 55 and older (+0.2pp to 4.1%), while unemployment for the core-aged working force was broadly unchanged (at 4.3%). Consequently, 17,300 jobs were removed from the Canadian economy, sharply missing market expectations of a 23,200 gain. In the meantime, the labor force participation rate fell by 0.1 percentage point to 65.5% in the period.
2023-06-09