Canada Labour Force Survey February 2027
February 5, 2027 @ 8:30 am - 9:30 am
Canada Labour Force Survey February 2027
Next Canada Labour Force Survey: Friday, at 8:30 am ET (1:30 pm London).
- Consensus
- Not yet published
- Prior
- 6.5% unemployment (September 2026)
- Actual
- Pending
Full schedule and background: Canada Labour Force Survey.
Updated
The Canada Labour Force Survey for February 2027 is scheduled for release on Friday, February 5, 2027, at 8:30 am ET (1:30 pm London). The report is published by Statistics Canada and covers labour market conditions during the reference week in February 2027, including employment, unemployment and wage data for the Canadian economy. Full schedule and background: Canada Labour Force Survey.
What is the Labour Force Survey?
The Labour Force Survey (LFS) is Statistics Canada’s monthly household survey of roughly 56,000 households, used to estimate employment, unemployment and labour force participation across the country. It is the Canadian equivalent of the US non-farm payrolls report, though it is based on a household survey rather than a survey of employers.
The headline figures are the unemployment rate (the share of the labour force without work but actively searching), the employment change (the net number of jobs added or lost), and the employment rate (the proportion of the population aged 15 and over who are employed). The survey also reports wage growth, hours worked and a breakdown by full-time and part-time work, sector and province.
Markets watch the release closely because it feeds directly into the Bank of Canada’s assessment of slack in the labour market, one of the key inputs into interest rate decisions. A softer than expected report tends to raise expectations of rate cuts, while a stronger one can push those expectations back.
When is the February Labour Force Survey released?
Statistics Canada is scheduled to publish the February 2027 Labour Force Survey on February 5, 2027, at 8:30 am ET (1:30 pm in London). The release is published as “The Daily” on the Statistics Canada website, alongside detailed data tables covering provinces, age groups, industries and wages.
What is the consensus forecast?
A consensus forecast for the February 2027 release has not yet been published. Forecasts from economists polled by Bloomberg or Reuters typically appear in the days immediately before the release, once other data (such as the payroll employment survey and job vacancy figures) have come in.
The most recently published reading at the time of writing is from the September 2026 survey, which showed the unemployment rate rising to 6.5%, up 0.1 percentage points from 6.4% in August 2026, according to Statistics Canada’s release. Employment fell by 68,000 (-0.3%) in September, the second consecutive monthly decline. Several further releases (October, November and December 2026, and January 2027) are due before the February 2027 report, so readers should check the Statistics Canada release calendar closer to the date for the latest prior figure and any published consensus.
| Measure | Prior (September 2026) | Consensus (February 2027) |
|---|---|---|
| Unemployment rate | 6.5% | Not yet published |
| Employment change | -68,000 | Not yet published |
What the result could mean
| Scenario | Likely market read | What it means in plain English |
|---|---|---|
| Above consensus (stronger jobs, lower unemployment) | Markets may trim bets on Bank of Canada rate cuts, lifting the Canadian dollar modestly | More people are working and finding jobs, a sign the economy is holding up better than feared |
| In line with consensus | Limited market reaction, as the data confirms the existing trend | The labour market is behaving broadly as expected, with no major surprises for borrowers or savers |
| Below consensus (weaker jobs, higher unemployment) | Markets may increase bets on further Bank of Canada rate cuts, weighing on the Canadian dollar | Fewer jobs or rising unemployment would add to signs of a cooling economy, which could mean lower borrowing costs ahead but also job security concerns |
These are possibilities drawn from how markets have typically reacted to past Labour Force Survey releases, not predictions of what will happen in February 2027.
Why does this release matter right now?
Canada’s labour market has shown signs of cooling through 2026. The unemployment rate climbed to 6.5% in September 2026, and employment fell for a second straight month, with economists describing the September print as “quite disappointing” amid what one chief economist linked to a trade dispute with the United States, according to BNN Bloomberg. Total employment for 2026 was reported as running below where it started the year, with public sector losses a notable driver.
The Bank of Canada uses the Labour Force Survey, alongside wage growth and job vacancy data, to judge how much slack exists in the economy and whether inflation pressures from the labour market are easing or building. A further softening trend between now and February 2027 would likely keep the case for interest rate cuts alive, while any stabilisation or rebound in hiring could slow the pace of cuts.
What It Means for Your Money
- Mortgages and borrowing: A weaker jobs report tends to support expectations of lower Bank of Canada interest rates, which can feed through to lower variable mortgage rates and borrowing costs for Canadian households and businesses over time.
- Savings: If rate cut expectations build, returns on savings accounts and guaranteed investment certificates (GICs) in Canada may fall, as banks typically adjust deposit rates in line with the central bank’s policy rate.
- Jobs and wages: The survey itself is a direct read on job security and wage growth. A rising unemployment rate signals a tougher job market, which can also slow wage growth across the economy.
- Prices and the economy: A cooling labour market tends to ease demand-driven inflation pressure, which can support the case for lower interest rates, though it can also reflect a weaker overall economy.
- Investments, pensions and currencies: Canadian equities and the Canadian dollar can move on the release, with a weak report often weighing on the currency against the US dollar, pound and euro. This matters for pension funds and investors holding Canadian assets, and for UK, European and Asian firms trading with or investing in Canada, since a softer currency changes the cost of Canadian exports and imports.
Related events
- Previous release: Canada Labour Force Survey, January 2027
- Series hub: Canada Labour Force Survey for the full schedule of upcoming releases
- Related US data: the US non-farm payrolls report, typically released on the first Friday of the month, often moves markets alongside the Canadian figures
Frequently Asked Questions
What time is the February 2027 Labour Force Survey released?
Statistics Canada is scheduled to publish the report at 8:30 am ET (1:30 pm London) on February 5, 2027.
How do I read the Labour Force Survey headline numbers?
Focus on the unemployment rate (lower is generally seen as stronger), the employment change (positive means jobs were added), and the employment rate (the share of the population in work).
How does this report affect Bank of Canada interest rate decisions?
The Bank of Canada watches the Labour Force Survey closely as a gauge of labour market slack; persistently weak readings tend to support the case for lower interest rates, while strong readings can slow or pause rate cuts.
Where can I find the official release?
The report is published on the Statistics Canada website as part of “The Daily”, with full data tables available alongside the written release.
When is the next Labour Force Survey released?
Statistics Canada typically releases the Labour Force Survey on the first Friday of each month, so the next report after February 2027 is expected in early March 2027.