Sep '25 • General discussion
Canada's unemployment rate is as bad as 2008 (almost 7.1% vs 8.8%)
This week, the market posted Canada's unemployment rate to be 7.1%
Back in 2008, the highest unemployment rate was 8.8%
When you are looking at the graph, we can see the unemployment rate steadily inching upwards since early 2023
This is surprising because, after 2008, we observed a steady decline in the unemployment rate.
One reason may be to blame tariffs but that is a recent event in 2025 whereas Canada's unemployment rate was increasing since 2023
I think the first interest rate increase on March 2, 2022 would be a more fitting explanation for high unemployment rate, as it slows down business and the real estate sector significantly
If the interest rate is the key barrier to economic growth, especially in the face of tariffs, then the Bank of Canada will be lowering the interest rate soon
Cheers,
Eric
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Eric Seto
Chartered Professional Accountant (CPA)
Chartered Investment Manager (CIM)
Founder of 5MinInvesting.com
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Canada's unemployment rate is as bad as 2008 (almost 7.1% vs 8.8%)
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