Like in the United States and in Europe, and actually in any economy in the world, the Unemployment Rate is a leading indicator of economic health. The lower the better, and, if compared with the US, Eurozone, UK and Australian economies, the unemployment level in Canada is better then the ones in US, UK and Eurozone, but higher than the one in Australia.
The unemployment rate shows the percentage of total workforce that is unemployed and actively seeking employment during the past three months.
The most important things to take into consideration when looking at the Unemployment Rate indicator in Canada are:
- release date: monthly, about 8 days after the month ends;
- release time: 12:30 GMT during the North American trading session;
- important volatility surrounding the release;
- closely watched by traders.