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At the height of the 2008–2009 recession in Canada, unemployment peaked at 8.3 percent. [38] The subprime mortgage crisis and the 2007–2009 which followed, increased the unemployment rate to a peak of 10% in October 2009. Since then, the unemployment rate has been steadily falling. It reached 5% in December 2015.
The COVID-19 pandemic had a deep impact on the Canadian economy, leading it into a recession. The government's social distancing rules had the effect of limiting economic activity in the country. Companies started mass layoffs of workers, and Canada's unemployment rate was 13.5 percent in May 2020, the highest it has been since 1976. [1]
The general pattern of development for wealthy nations was a transition from a raw material production-based economy to a manufacturing-based economy and then to a service-based economy. At its World War II peak in 1944, Canada's manufacturing sector accounted for 29% of GDP, [ 109 ] declining to 10.37% in 2017. [ 102 ]
Canada's economy grew at an annualized rate of 1% in the third quarter, undershooting the Bank of Canada's forecast of 1.5%, after growing 2.2% in the prior quarter.
This is a list of OECD countries by long-term unemployment rate published by the OECD. This indicator refers to the number of persons who have been unemployed for one year or more as a percentage of the labour force (the sum of employed and unemployed persons).
The list of Canadian provinces by unemployment rate are statistics that directly refer to the nation's seasonally adjusted unemployment rate. Below is a comparison of the seasonally adjusted unemployment rates by province/territory, sortable by name or unemployment rate. Data provided by Statistics Canada's Labour Force Survey. [1]
The unemployment rate remained relatively stable through early 2020, but by the end of the year, it increased from 4.4% in February 2020 to 5.1% in December 2020, reflecting the economic challenges posed by the crisis. [373] The unemployment rate remained around 5% throughout much of 2021 before gradually decreasing to 4.4% by the end of 2021.
October 2010 Canadian unemployment rate: 7.9% [23] November 2010 Canadian unemployment rate: 7.6% [ 26 ] The employment rate has been stabilized between 8.0% and 11.0% for the past two years; signifying the economic strength of Canada's financial institutions compared to its counterparts in the United States.