The unemployment rate in Canada jumped to 6.1% in March of 2024 from 5.8% in the earlier month, the highest since October of 2021, and sharply above market expectations of 5.9%. The result aligned with the Bank of Canada’s rhetoric that higher interest rates are having a larger impact on the Canadian labor market, strengthening the argument for doves in the BoC’s Governing Council that a rate cut may be due by the second quarter. The unemployed population jumped by 60,000 to 1.260 million, with 65% of the unemployed population having searched for jobs for over one month. Unemployment rose to an over-seven-year high for the youth (12.6% vs 11.6% in February), and rose at a softer pace for the core-aged population (5.2% vs 5%). In the meantime, net employment dropped by 2,200 to 20.403 million, a sharp contrast with market expectations of a 25,000 increase, while hourly wage growth accelerated by 10bps to 5%. source: Statistics Canada

Unemployment Rate in Canada increased to 6.10 percent in March from 5.80 percent in February of 2024. Unemployment Rate in Canada averaged 7.55 percent from 1966 until 2024, 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 April of 2024.

Unemployment Rate in Canada increased to 6.10 percent in March from 5.80 percent in February of 2024. Unemployment Rate in Canada is expected to be 6.10 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 6.50 percent in 2025, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-03-08 01:30 PM
Unemployment Rate
Feb 5.8% 5.7% 5.8% 5.9%
2024-04-05 12:30 PM
Unemployment Rate
Mar 6.1% 5.8% 5.9% 5.8%
2024-05-10 12:30 PM
Unemployment Rate
Apr


Related Last Previous Unit Reference
Average Hourly Wages YoY 35.58 35.54 CAD Mar 2024
Employed Persons 20400.70 20402.90 Thousand Mar 2024
Employment Change -2.20 40.70 Thousand Mar 2024
Employment Rate 61.40 61.50 percent Mar 2024
Full Time Employment Chg -0.70 70.60 Thousand Mar 2024
Job Vacancies 646365.00 737555.00 Dec 2023
Participation Rate 65.30 65.30 percent Mar 2024
Labour Costs 131.22 131.37 points Dec 2023
Minimum Wages 16.55 15.55 CAD/Hour Oct 2023
Non Farm Payrolls 18094.00 18054.00 Thousand Jan 2024
Part Time Employment Chg -1.60 -29.90 Thousand Mar 2024
Population 40.80 39.29 Million Dec 2023
Labor Productivity 100.66 100.23 points Dec 2023
Unemployed Persons 1320.30 1260.40 Thousand Mar 2024
Unemployment Rate 6.10 5.80 percent Mar 2024
Average Weekly Earnings YoY 4.50 3.70 percent Feb 2024
Wages 30.23 30.03 CAD/Hour Jan 2024
Wages in Manufacturing 30.39 30.97 CAD/Hour Jan 2024
Youth Unemployment Rate 12.60 11.60 percent Mar 2024

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
6.10 5.80 13.70 2.90 1966 - 2024 percent Monthly
SA

News Stream
Canada Unemployment Rate Rises to Over 2-Year High
The unemployment rate in Canada jumped to 6.1% in March of 2024 from 5.8% in the earlier month, the highest since October of 2021, and sharply above market expectations of 5.9%. The result aligned with the Bank of Canada’s rhetoric that higher interest rates are having a larger impact on the Canadian labor market, strengthening the argument for doves in the BoC’s Governing Council that a rate cut may be due by the second quarter. The unemployed population jumped by 60,000 to 1.260 million, with 65% of the unemployed population having searched for jobs for over one month. Unemployment rose to an over-seven-year high for the youth (12.6% vs 11.6% in February), and rose at a softer pace for the core-aged population (5.2% vs 5%). In the meantime, net employment dropped by 2,200 to 20.403 million, a sharp contrast with market expectations of a 25,000 increase, while hourly wage growth accelerated by 10bps to 5%.
2024-04-05
Canada Unemployment Rate Back at 5.8%
The unemployment rate in Canada rose to 5.8% in February 2024, rebounding from a 5.7% reported in January. The jobless rate remained relatively stable in recent months compared to the upward trend from April 2023 to November 2023, when it went from 5.1% to 5.8%. The unemployed population grew by 35,800 from the previous month to 1,260,400, with increases noted for core-aged men and young men. Meanwhile, a net 42,000 jobs were added to the Canadian economy, following a similar-sized gain in January but defying the forecasts of a 20,000 growth.
2024-03-08
Canada Unemployment Rate Unexpectedly Drops
The unemployment rate in Canada eased to 5.7% in January of 2024 from the 22-month high of 5.8% recorded in the previous month, defying market expectations of an increase to 5.9%, and marking the first monthly decrease in the unemployment rate in over one year. The result eased growing concerns that higher interest rates are slowing the Canadian economy at an uncontrollable rate, adding some leeway for the Bank of Canada to maintain its interest rate at restrictive levels for longer. The unemployed population fell by 19,200 from the previous month to 1,243,800, particularly due to an 18,800 reduction in youth unemployment. Additionally, a net 37,300 jobs were added to the Canadian economy, the most in four months and well above expectations of a 15,000 increase. In the meantime, the participation rate fell 0.2 percentage points to 65.3% despite a broadly unchanged labor force, due to a higher amount of people aged 15 or older.
2024-02-09