According to Statistics Canada, the unemployment rate in Canada increased in four of the previous five months before staying at 5.5% in October. Even with 39,000 new jobs produced, the country could not keep up with the 102,500 rise in population. The report states that employment increased for men and women between the ages of 25 and 54 but decreased for women 55 and older. While young men’s employment declined, that of young women also climbed.
Although 1,590 new part-time jobs were created in New Brunswick in August, the unemployment rate rose to 7.7% from 6.2% the previous month due to an increase in the number of job seekers. In all, 3,4950 full-time and 98 part-time jobs totaling 3,580 were lost in Nova Scotia. But much like in New Brunswick, where there were more job searchers, the unemployment rate rose in the previous month from 7% to 7.7%.
| Today’s Topic | Canada Unemployment Rate |
| Data released by | Statistics Canada |
| Country | Canada |
| Current Unemployment Rate | 5.5% |
Canada’s economy added 63,900 new jobs in September as the country’s population continued to grow rapidly. Furthermore, according to the most recent data, the 5.5% unemployment rate has not changed, indicating that there has been no shift in Canada’s unemployment rate. Canada’s job market has cooled off despite increasing interest rates over the past year, and the nation’s unemployment rate is still lower than it was before to the epidemic.
The bulk of the job growth from the previous month happened in the part-time industry, where employment in the transportation and warehousing and educational services sectors increased. Jobs in construction, insurance, finance, real estate leasing and renting, information, and recreation were eliminated in the meantime. The average hourly wage increased by 5% in September compared to the same month last year. I’m currently awaiting the October month’s figures.
| May 2023 | June 2023 | July 2023 | August 2023 | September 2023 | |
| Canada Unemployment Rate | 5.2% | 5.4% | 5.5% | 5.5% | 5.5% |
| Participation rate | 65.5% | 65.7% | 65.6% | 65.5% | 65.6% |
| Employment rate | 62.1% | 62.2% | 62% | 61.9% | 62% |
Although the economy lost 6,000 jobs in July, Canada’s total employment rate stayed mostly stable. There are signs, nevertheless, that the labor market is slowing significantly. Inflation pressures remain since hourly wages rose by 5.0%, which is greater than the 2.8% inflation rate.
Based on publicly available government data, Canada’s unemployment rate climbed to 5.5% for the third consecutive month, the first since the epidemic started in March 2020. This pattern provides unequivocal evidence of a decline in the labor demand. Nevertheless, because hourly earnings grew by 5.0%, which is greater than the 2.8% inflation rate that is now in effect, inflation pressures are still there. Real incomes and purchasing power increased for Canadian households as a result.
| Year | Canada Unemployment Rate |
| January 2018 | 5.9% |
| December 2018 | 5.7% |
| December 2019 | 5.6% |
| January 2020 | 5.5% |
| May 2020 | 14.1% |
| December 2020 | 8.9% |
| December 2021 | 6% |
| October 2022 | 5.2% |
| July 2023 | 5.5% |
| Year | Unemployment Rate (%) | Annual Change |
|---|---|---|
| 2022 | 5.21% | -2.25% |
| 2021 | 7.46% | -2.00% |
| 2020 | 9.46% | 3.80% |
| 2019 | 5.66% | -0.17% |
| 2018 | 5.83% | -0.51% |
| 2017 | 6.34% | -0.66% |
| 2016 | 7.00% | 0.09% |
| 2015 | 6.91% | 0.00% |
| 2014 | 6.91% | -0.16% |
| 2013 | 7.07% | -0.22% |
| 2012 | 7.29% | -0.22% |
| 2011 | 7.51% | -0.55% |
| 2010 | 8.06% | -0.28% |
| 2009 | 8.34% | 2.20% |
| 2008 | 6.14% | 0.10% |
| 2007 | 6.04% | -0.28% |
| 2006 | 6.32% | -0.44% |
| 2005 | 6.76% | -0.43% |
| 2004 | 7.19% | -0.38% |
| 2003 | 7.57% | -0.09% |
| 2002 | 7.66% | 0.44% |
| 2001 | 7.22% | 0.39% |
| 2000 | 6.83% | -0.75% |
| 1999 | 7.58% | -0.70% |
| 1998 | 8.28% | -0.82% |
| 1997 | 9.10% | -0.52% |
| 1996 | 9.62% | 0.13% |
| 1995 | 9.49% | -0.91% |
| 1994 | 10.40% | -0.98% |
| 1993 | 11.38% | 0.18% |
| 1992 | 11.20% | 0.88% |
| 1991 | 10.32% | 0.88% |
