Unemployment Rate Evolution in Canada from 1990 to 2023

Canada's unemployment rate experienced fluctuations driven by economic cycles and global events. In the early 1990s, unemployment was high, reaching 11.4% by 1993, influenced by the economic recession. A period of growth ensued, and by the early 2000s, unemployment had decreased significantly to around 6.8%. The global financial crisis in 2008, however, saw an increase to 8.5% in 2009, underscoring Canada’s susceptibility to external economic shocks.

From 2010 to 2019, Canada’s unemployment rate declined, reaching a low of 5.7% in 2019. The COVID-19 pandemic in 2020 resulted in a sharp spike to 9.7%, reflecting the widespread economic impact. By 2021, recovery efforts helped bring unemployment down to 7.5%, indicating resilience and adaptation.