Canada Unemployment Rate

The unemployment rate in Canada eased to 6.7% in December 2024, down from 6.8% in the previous month and below expectations of 6.9%, though it remained the second-highest reading since September 2021. The result aligns with concerns about a softening labor market recently highlighted by policymakers at the Bank of Canada. The unemployed population declined by 24,200 to 1,492,100, while employment increased by 91,000 to 20,738,000. Joblessness rose among youth (+17,600 to 462,200) but fell for the core-aged population (-27,000 to 801,100) and the older population (-14,700 to 228,800). Meanwhile, the labor force participation rate held steady at a four-month high of 65.1%.