Said MTG

Unemployment rate in December revised to 8.8%



Canada’s unemployment rate in December was revised to 8.8% from 8.6% on Monday, while the net decline in jobs for the month was amended to 52,700 from 62,600, as Statistics Canada completed a historic review of its labor force data.

Based on originally published estimates, as of December 2020, employment had increased by 2,368,000 (+14.6%) from a low point in April 2020. Using revised data, this employment change is +2,343,000 (+14.5%), a difference between the originally published and revised data of 23,000, Statistics Canada said on Monday.

The historical revision has little impact on seasonally adjusted unemployment rates for 2020, it underlined.

The unemployment rate in May 2020 was originally published as 13.7%, the highest rate since comparable data became available in 1976, and did not change as a result of the revision. The current unemployment rate for December 2020 was revised from 8.6% to 8.8%.

Over the period from 2002 to 2012, the impact of the historical revision on monthly employment estimates is very minor, reflecting the fact that LFS data for this period were previously revised following the 2011 Census. For the period from 2013 to 2018, employment was revised downward by an average of 0.7% (-130,000), while in 2019 and 2020, the revised estimates were an average of 0.3% (-64,000) lower than initially published.

Over the period from 2002 to 2019, both unemployment levels and rates were little changed as a result of the historical revision, with a maximum change in the monthly unemployment rate of 0.2 percentage points.



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