Canada Economics Comment Unemployment Rate Increases

Canadian employment fell by 18k in April as the unemployment rate rose to 6.9%, driven by a significant loss in full-time jobs. These results reinforce expectations that the Bank of Canada will maintain its policy rate at 2.25% in 2026.

Key Takeaways

• 1.Canada's employment unexpectedly declined by 18k in April, significantly missing the consensus forecast of a 10k increase.
• 2.The unemployment rate rose to 6.9%, driven by a sharp decline of 47k in full-time positions.
• 3.The softening labor market supports the view that the Bank of Canada (BoC) will keep the policy rate at 2.25% through 2026.

Table of Contents

• BOTTOM LINE
• KEY NUMBERS
• MAIN POINTS
• Disclosure Appendix
• Global product; distributing entities
• General disclosures

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial