Canada’s unemployment rate to stay unchanged in December at 7.1%

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Statistics Canada will report the unemployment rate for December today. The unemployment rate can be expected to stay unchanged at 7.1 per cent. Participation rate can also be expected to stay unchanged at 65.8 per cent.

    Canadian jobless rate had increased to 7.1 per cent in November of 2015 after having dropped to 7.0 per cent in October. Temporary hiring that the federal election resulted in had caused employment to rise significantly in October. Post elections, employment was noted to have slipped back to its earlier form.

    Unemployment Rate in Canada averaged 7.72 per cent from 1966 until 2015. It had reached an all-time high of 13.10 per cent in December of 1982 while a record low of 2.90 per cent was reached June of 1966.

    Hiring has been hit as the economy reels under the impact of falling commodity prices. Bank of Canada governor Poloz in his speech at Ottawa yesterday noted that the weak Canadian dollar resulted from low commodity prices, particularly oil. Canada being a net exporter of commodities, a slump in commodity prices has hurt the overall economy. The governor expressed no intention to hike rates any time soon.
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