Shocking Trends Revealed: Canada’s Unemployment Rate Hits 5.5% – What the Last 5 Years Really Look Like!

Canada’s unemployment rate in October/November 2023 remained at 5.5% for the fourth consecutive month, the highest since January 2022 and just below estimates of 5.6%. The rate of unemployment did, however, continue to be far lower than it was prior to the epidemic.

While employment increased by about 64 thousand, or roughly 19 thousand more than expected, the number of unemployed people rose by 8.1 thousand, reaching 1.189 million. The unemployment rate increased by 0.4% for core-aged men but stayed mostly steady for core-aged women. There was minimal variation in youth unemployment across the sexes from May. Today, we will discuss the 5.5% unemployment rate in Canada as well as any changes that have occurred over the past five years.

According to Statistics Canada, it was brought on by a slight change in employment and a rise in population growth throughout the month. The national statistical office also observed that the number of employees in the public and private sectors were stable, but the number of self-employed people declined.

Canada Unemployment Rate

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%.

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Canada Unemployment Rate 2023 Details

Canada Unemployment Rate at 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.

Canada Unemployment Rate for last 5 months

Canada Unemployment Rate- What has changed in the last 5 years?

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.

Canada Unemployment Rate from 1991 to 2023