Canada's Economy Feels Like A Recession

Summary

• Canada’s June unemployment rate of 6.4% was up 160 basis points from the cycle low of 4.8% in June 2022.
• Since the 1970s, Canada has never had this trough-to-peak rise in the unemployment rate without the economy going through a recession.
• Technically, to date, the Canadian economy has narrowly avoided the consecutive headline GDP declines that would qualify as a recession.

BalkansCat

Canada’s June unemployment rate of 6.4% was up 160 basis points from the cycle low of 4.8% in June 2022. Since the 1970s (as shown below courtesy of RBC), Canada has never had this trough-to-peak rise in the unemployment rate without the economy