In October/November 2023, Canada’s unemployment rate stayed at 5.5% for the fourth consecutive month, the highest level since January 2022 and just below forecasts of 5.6%. However, the unemployment rate remained significantly lower than pre-pandemic levels.
While around 64 thousand jobs were created, well the estimates of a 19 thousand addition, unemployment increased by 8.1 thousand to 1.189 million. For core-aged men, the rate of unemployment rose by 0.4%, but for core-aged women, it remained essentially unchanged. Youth unemployment among both genders showed little change from May. So today we will talk about Canada Unemployment Rate at 5.5% and What has changed in the last 5 years?.
As per the Statistics Canada, it was due to the month’s increase in population growth and the minimal shift in employment. The national statistical agency also noted that while the number of self-employed workers decreased, the number of employees in the public and private sectors remained constant.
Canada Unemployment Rate
In October, the unemployment rate in Canada stayed at 5.5% and it came after four consecutive months of increases in other months, according to Statistics Canada. Despite the fact that the nation created 39,000 new jobs, it was unable to keep up with the 102,500 increase in population. According to the report, employment went down for women 55 and older and up for men and women aged 25 to 54. The employment of young women also increased, while the employment of young men decreased.
In August, 1,590 new jobs were created in New Brunswick, all of which were part-time job but because more people were looking for work, the unemployment rate increased to 7.7% from 6.2% the previous month. A total of 3,580 jobs were lost in Nova Scotia, consisting of 3,4950 full-time and 98 part-time positions. However, similar to New Brunswick, where there were more job seekers, the unemployment rate increased from 7% to 7.7% in the preceding month.
Canada Unemployment Rate 2023 Details
|Today’s Topic||Canada Unemployment Rate|
|Data released by||Statistics Canada|
|Current Unemployment Rate||5.5%|
Canada Unemployment Rate at 5.5%
September saw 63,900 new jobs added to Canada’s economy as the nation’s population continued to rise quickly. And the latest update shows that the 5.5% unemployment rate remained stable so there is no change in Canada Unemployment Rate at 5.5%. Despite higher interest rates over the past year, Canada’s labor market has cooled, and the country’s unemployment rate is still lower than it was before the pandemic.
The majority of the job increases from the previous month occurred in the part-time sector, with an increase in employment in transportation and warehousing as well as educational services. In the meantime, employment in construction, insurance, real estate leasing and renting, finance, information, and recreation were eliminated. September saw an increase in average hourly wages of 5% from a year earlier and now i am waiting for the data of October month.
Canada Unemployment Rate for last 5 months
|May 2023||June 2023||July 2023||August 2023||September 2023|
|Canada Unemployment Rate||5.2%||5.4%||5.5%||5.5%||5.5%|
Canada Unemployment Rate- What has changed in the last 5 years?
The economy shed 6,000 jobs in July, but overall employment in Canada remained relatively unchanged. However, there are indications that the labor market is slowing down. Given that hourly wages increased by 5.0%, more than the 2.8% inflation rate, inflation pressures are still present.
According to government data available, Canada’s unemployment rate increased to 5.5% for the third time in a row, marking the first increase since the pandemic began in March 2020. This pattern is clear proof that the labor demand is declining. Even so, inflation pressures are still present because hourly wages increased by 5.0%, more than the 2.8% inflation rate that is currently in place. As a result, Canadian households saw increases in real wages and purchasing power.
|Year||Canada Unemployment Rate|
Canada Unemployment Rate from 1991 to 2023
|Year||Unemployment Rate (%)||Annual Change|