Ottawa, July 5 – Canada’s labor market is facing headwinds as the unemployment rate rose to 6.4% in June, the highest level since January 2022. The number of unemployed persons increased by 42,000 to 1.4 million, with the most significant growth among youth aged 25 and under, where the unemployment rate reached 13.5%.
Key Points:
- Rising unemployment: The unemployment rate climbed to 6.4% in June, up from 6.2% in May and the highest since January 2022.
- Increase in unemployed persons: The number of unemployed persons rose by 42,000 to 1.4 million.
- Youth unemployment: The unemployment rate among young people aged 25 and under jumped to 13.5%, the highest in nearly a decade excluding pandemic-affected years.
- Surprise for economists: The outcome was worse than economists’ expectations of a 6.3% unemployment rate.
Table 1: Canada Unemployment Rate
| Month | Unemployment Rate | Number of Unemployed (millions) |
|---|---|---|
| June 2024 | 6.4% | 1.4 |
| May 2024 | 6.2% | 1.36 |
| January 2022 | 6.4% | 1.38 |
Table 2: Canada Unemployment Rate by Age (June 2024)
| Age Group | Unemployment Rate |
|---|---|
| 15-24 years | 13.5% |
| 25-34 years | 6.5% |
| 35-44 years | 5.1% |
| 45-54 years | 4.5% |
| 55-64 years | 3.9% |
Additional Information:
- Canada Unemployment Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028703
