The unemployment rate in Canada decreased to 8.5 percent in November of 2020 from 8.9 percent in the previous month and compared to market expectations of 8.9 percent. Meanwhile, the economy added 62 thousand jobs, above forecasts of a 20 thousand gain as full-time employment rose by 99 thousand and part-time employment was down by 37 thousand. The labour force participation rate decreased to 65.1 percent from 65.2 percent in the prior month, compared to a consensus of 65.2 percent. The youth unemployment rate went down to 17.4 percent from 18.8 percent in the previous month, the lowest since March. source: Statistics Canada
Unemployment Rate in Canada averaged 7.64 percent from 1966 until 2020, 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 December of 2020.
Unemployment Rate in Canada is expected to be 8.40 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 7.90 in 12 months time. In the long-term, the Canada Unemployment Rate is projected to trend around 7.50 percent in 2021 and 6.50 percent in 2022, according to our econometric models.