Canada’s employment numbers look much better today than they did a year ago.
The unadjusted rate of unemployment in Canada fell to 6.1% in April, down 1.61% compared to the year before.
The seasonally adjusted rate of unemployment fell to 5.8% in April, flat from the month before and last year. Generally speaking, things are looking pretty good across the country. Except when you dive into numbers for Canada’s largest real estate markets.
Ontario is seeing unemployment rise, especially in Toronto
The rate of unemployment in Ontario is climbing, especially in Toronto.
The unadjusted rate of unemployment reached 6% in April, up 5.26% from last year. On a seasonally adjusted basis unemployment hit 5.8%, unchanged from the month before.
Compared to last year, seasonally adjusted unemployment has increased 3.57%. Overall, the rate of unemployment is low compared to other provinces, but is climbing.
Toronto, the province’s largest city, may be responsible for the bulk of that climb. The unadjusted rate of unemployment hit 6.6% in April, up 11.29% from last year. Seasonally adjusted the rate was still 6.6% in April, unchanged from a month before. Noteworthy is the month before is also the highest seasonally adjusted unemployment number since July 2017. Seasonally adjusted unemployment in Toronto has increased 10% from last year.
British Columbia unemployment drops, while Vancouver picks up
Unemployment in British Columbia in on the decline across the province. The unadjusted rate of unemployment reached 4.6% in April, down 6.12% from last year. Seasonally unadjusted unemployment was also 4.6%, unchanged from the month before. When compared to last year, adjusted unemployment is down 4.16%. Yay, unemployment is falling – just not in Vancouver.
Vancouver’s rate of unemployment is climbing by all measures. The unadjusted rate of unemployment reached 4.5% in April, up 4.65% from last year. The seasonally adjusted rate of unemployment reached 4.4%, down 8.33% from the month before. Compared to last year, seasonally adjusted unemployment is up 4.76%. This is a low rate compared to other cities, but starting a trend that city politicians should be breaking a sweat over.
On the other end of the spectrum, Quebec is seeing unemployment drop as the economy warms up. The unadjusted rate of unemployment fell to 5.8% in April, down 4.91% from last year. The seasonally adjusted rate fell to 5.1%, down 3.77% from the month before. That represents a 7.27% decline compared to last year.
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