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Canada has hiked into recessions before

Bank of Canada Bank Rate vs Canadian unemployment rate (SA), monthly, 1976–Oct 2026

Unit: %
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Canada has hiked into recessions beforeThe Bank Rate hit 21.03% in August 1981; unemployment went from 7.1% that month to 13.1% by December 1982. In 1990 the rate peaked at 14.05% and unemployment reached 12.1% in November 1992. Unit: %. Bank Rate (last Wednesday of month; overnight target + 0.25 since 1996); unemployment seasonally adjusted. Use left and right arrow keys to inspect observations. The data table follows the chart.Canada has hiked into recessions beforeBank of Canada Bank RateUnemployment rate (Canada)%0%5%10%15%20%25%Jan 1976Mar 1986May 1996Jul 2006Sep 2016Oct 2026Homies Research, using Statistics Canada (v122530, v2062815) and Bank of Canada Valet · Through 2026-10Bank Rate (last Wednesday of month; overnight target + 0.25 since 1996); unemployment seasonally adjustedHOMIES RESEARCH
Oct 2026Bank of Canada Bank Rate 2.5%Unemployment rate (Canada) —

The Bank Rate hit 21.03% in August 1981; unemployment went from 7.1% that month to 13.1% by December 1982. In 1990 the rate peaked at 14.05% and unemployment reached 12.1% in November 1992.

Source: Homies Research, using Statistics Canada (v122530, v2062815) and Bank of Canada Valet. Reference: 2026-10. Release date not supplied by source feed. Retrieved 2026-10-27.

Bank Rate (last Wednesday of month; overnight target + 0.25 since 1996); unemployment seasonally adjusted · Recessions dated by the C.D. Howe Institute Business Cycle Council: 1980, Jun 1981–Oct 1982, Mar 1990–Apr 1992, Oct 2008–May 2009, Feb–Apr 2020. October 2026 rate value is provisional.

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View accessible data table · 2 series, 610 observations

Showing the latest 12 observations.

Canada has hiked into recessions before. Unit: %. Bank Rate (last Wednesday of month; overnight target + 0.25 since 1996); unemployment seasonally adjusted
PeriodBank of Canada Bank RateUnemployment rate (Canada)
Nov 20252.5%6.6%
Dec 20252.5%6.8%
Jan 20262.5%6.5%
Feb 20262.5%6.7%
Mar 20262.5%6.7%
Apr 20262.5%6.9%
May 20262.5%6.6%
Jun 20262.5%6.5%
Jul 20262.5%6.4%
Aug 20262.5%6.4%
Sep 20262.5%6.5%
Oct 20262.5%—

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