Unemployment Rate (Canada)
Will the Decline Continue in October?
Starts Friday, November 6, 2020 at 13:30
Updated Friday, November 6, 2020
The unemployment rate surprised us 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%,where it remained in October. The employment report was pretty strong as well, with 53.7k new jobs in September, beating expectations of 11k, but it declined by 1.8k in October. In November, we saw a bigger decline of 71.2k in jobs and a jump to 5.9% in the unemployment rate, but fell back to 5.6% in December, beating expectations of 5.8%. As of February, the rate stood at 5.6%, but in March unemployment rate jumped to 7.8%. Although, it was expected to surge higher to 18% in April, but came at 13.0%, while in May unemployment grew to 13.7%, but cooled off to 12.3% in June. The decline continued and in September, the unemployment rate fell to 9.0%,where it is to stay in October. 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.