Is labour utilization tightening or softening, and how are wage pressures evolving?
Unemployment is 6.4% in Canada and 4.1% in the U.S. as of Aug 2026.
- Canada · Unemployment rate (LFS)
- 6.40%
- Aug 20260 pp vs prior
- U.S. · Unemployment rate
- 4.10%
- Aug 20260 pp vs prior
- Canada · Employment (LFS)
- -41.70thousands m/m chg
- Aug 2026−116.8 vs prior
- U.S. · Nonfarm payrolls
- 162.0thousands m/m chg
- Aug 2026+141 vs prior
- Canada · Average hourly wages (LFS)
- 1.96%y/y
- Aug 2026−0.84 pp vs prior
- U.S. · Average hourly earnings
- 3.09%y/y
- Aug 2026−0.15 pp vs prior
Unemployment rate
- Canada: Unemployment rate (LFS) (%)
- U.S.: Unemployment rate (%)
Participation rate
- Canada: Participation rate (LFS) (%)
- U.S.: Participation rate (%)
Monthly employment change (thousands)
- Canada: Employment (LFS) (thousands m/m chg)
- U.S.: Nonfarm payrolls (thousands m/m chg)
Canada: Labour Force Survey. U.S.: nonfarm payrolls. Pandemic months dominate the full history.
Wage growth, year over year
- Canada: Average hourly wages (LFS) (% y/y)
- U.S.: Average hourly earnings (% y/y)
Canada: LFS average hourly wages, all employees (unadjusted, so compare year over year only). U.S.: average hourly earnings, private payrolls. Both shift with the mix of jobs, not just pay rates.
Real wage growth
- Canada: Real wage growth (wages minus CPI) (% y/y)
- U.S.: Real wage growth (earnings minus CPI) (% y/y)
Wage growth minus headline CPI inflation, in percentage points. Positive readings support consumer spending.
Job openings per unemployed person
- Canada: Job vacancies per unemployed person (ratio)
- U.S.: Job openings per unemployed person (ratio)
Vacancies divided by unemployed persons (Canada: Job Vacancy and Wage Survey and LFS; U.S.: JOLTS). Above 1 (dashed) means more vacancies than job seekers.
U.S. quits rate vs wage growth
- U.S.: Quits rate (JOLTS) (%)
- U.S.: Average hourly earnings (% y/y), right axis
Workers quit more when they are confident of finding better pay; the quits rate tends to lead wage growth by a few months.
Jobless benefit claims
- Canada: EI initial and renewal claims (monthly) (persons)
- U.S.: Initial jobless claims (weekly avg) (persons), right axis
Canada: EI initial and renewal claims received per month. U.S.: initial claims, average per week (right axis). The most timely layoff signals; a sustained rise usually precedes higher unemployment.