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.