Connect with us

Finance

Unemployment Rate in Canada at 5.5% | What Has Changed Over the Last Five Years?

Published

on

Unemployment Rate in Canada at 5.5% | What Has Changed Over the Last Five Years?

Unemployment Rate in Canada at 5.5% | What Has Changed Over the Last Five Years. Canada unemployment rate held steady at 5.5% for the fourth consecutive month, slightly below the anticipated 5.6%. Despite the creation of 64 thousand jobs, exceeding estimates, the unemployment rate increased by 8.1 thousand to 1.189 million. Notably, this rate remains significantly lower than pre-pandemic levels.

Demographic Changes

  • Unemployment rose by 0.4% for core-aged men, while core-aged women experienced minimal change.
  • Youth unemployment remained relatively stable compared to May.
  • Factors Influencing Unemployment
  • Statistics Canada Insights

According to Statistics Canada, the month’s increase in population growth and minimal employment shifts contributed to the unemployment rate. The agency highlighted a decrease in self-employed workers, while the number of employees in the public and private sectors remained constant.

Monthly Variations

October Statistics

In October, despite the creation of 39,000 new jobs, Canada unemployment rate stayed at 5.5%, following four months of increases. The report indicated employment changes for different age groups and sectors.

September Trends

September witnessed the addition of 63,900 new jobs, maintaining the unemployment rate at 5.5%. Notably, Canada labor market has cooled despite higher interest rates over the past year.

Canada Unemployment Rate – Changes Over 5 Years

  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%
See also  What Is the Next Fed Rate Meeting and How Much Can Be Increased?

Economic Shifts

The economy shed 6,000 jobs in July, indicating a slowdown in the labor market. Despite this, the overall employment situation in Canada remained relatively stable, with clear signs of inflationary pressures.

Wage and Inflation Trends

Hourly wages increased by 5.0%, surpassing the 2.8% inflation rate. This implies increased purchasing power for Canadian households.

Advertisement

 

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%

Canada Unemployment Rate from 1991 to 2023

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%

Conclusion

In summary, Canada’s unemployment rate at 5.5% reflects both stability and ongoing challenges. Despite recent job creation, demographic variations persist. The historical context underscores the resilience of the Canadian labor market amidst economic fluctuations over the last three decades.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending