Unemployment Rate (Canada)
A Sudden Decline in Canadian Unemployment Rate in September
Starts Friday, November 8, 2019 at 13:30
Updated Friday, November 8, 2019
The unemployment rate was declining at the beginning of 2018 and it remained steady for several months at 5.8% after that. Although, we saw a jump to 6.0% in June, which was a bit of a surprise. Then a decline to 5.8% followed in July and another surprising jump in August to 6.0% again, as September's report showed. In September, unemployment declined to 5.9% again, while in October it fell to 5.8%. Although, November offered the biggest surprise when unemployment fell to 5.6% while expectations were for it to remain unchanged. In December unemployment was expected to tick higher to 5.7% but remained unchanged at 5.6%. Although, it surprised negatively when it jumped to 5.8% again in January and remained at that level in February and in March. But we saw a sudden decline to 5.7% in April. The biggest surprise came in May when the report released showed a 3 point decline in the unemployment rate which fell to 5.4%, but last month it ticked higher again to 5.5%. In July the unemployment rate increased suddenly to 5.7%, but in September we saw another sudden decline to 5.5%. The employment report was pretty strong as well, with 53.7k new jobs that month, beating expectations of 11k. Please follow us for live coverage of this event by experienced market analysts.
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About Unemployment Rate (Canada)
Released by Statistics Canada, the Unemployment Rate is the number of unemployed workers represented as a percentage of the aggregate civilian labor force. Unemployment is a primary economic metric for Canada and driver of value for the Canadian dollar (CAD).Unemployment is a key economic indicator. It is closely tied to relative levels of industrial growth, consumer confidence, and consumer spending. Abnormally high Unemployment metrics are viewed as being a signal of economic slowdown or contraction.A low Unemployment statistic is viewed as being positive for the CAD. Conversely, a high value is perceived to be extremely negative or bearish for the CAD.