Canada Unemployment Rate
Canada Unemployment Rate is a percentage of unemployed workers in relation to the total civilian labor force. Unemployed people are those without a job who have been actively seeking work in the past four weeks.
Unemployment data is calculated based on a regular nationwide population survey. The survey is conducted throughout the country. The following categories are not included in the survey:
- persons living on reserves and other Aboriginal settlements in the provinces
- full-time members of the Canadian Armed Forces
- persons living in extremely remote areas with very low population density
The specific feature of Canadian unemployment calculation is that the labor survey includes 15-year-olds, in contrast to most other developed countries, where labor force population includes citizens older than 15 years of age. The calculation methodology in Canada also includes the calculation of job search advertisements in the press and on Internet portals, whereas in the USA and Europe, only persons officially registered with state bodies are officially considered unemployed.
The presented data are seasonally adjusted.
The unemployment rate is the main indicator of the labor market state and one of the key indicators of the country's economic development. Unemployment growth is seen as a leading indicator of decline in consumer activity. The Bank of Canada uses unemployment data when preparing estimates and forecasts. Also, unemployment rate influences the BoC's interest rate decision. The lower the unemployment rate, the more favorable its effect on the Canadian dollar quotes.
The chart of the entire available history of the "Canada Unemployment Rate" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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