Business · Economy · 57 mins ago
Canada lost 4,700 jobs in October as unemployment rose to 6.7%
Canada lost 4,700 jobs in October, and the unemployment rate rose from 6.5% to 6.7%, Statistics Canada said.
The losses followed more than 100,000 jobs cut in August and September, extending a difficult period for workers.
Private employers shed 53,000 positions, while public-sector employment rose by 50,000.
Unemployment among people aged 15 to 24 climbed to 13.7%, while the rate for workers aged 25 to 54 was unchanged.
The results were weaker than expected: economists had forecast a gain of 13,600 jobs.
The weak job market may limit further rate hikes by the Bank of Canada, which raised its policy rate a little over a week before the figures were released.
Job postings rose at the end of October, but stronger hiring in the coming months would be needed to show the slowdown is temporary.
Canada lost 4,700 jobs in October, and the unemployment rate rose to 6.7 per cent.
Statistics Canada said the unemployment rate was up from 6.5 per cent in September as more people looked for work.
Private-sector employment fell by 53,000 positions, while public-sector employment rose by 50,000.
Unemployment among people aged 15 to 24 rose to 13.7 per cent.
Economists polled by Reuters had expected a gain of 13,600 jobs in October.
- Who
- Canada’s labour market, as measured by Statistics Canada.
- What
- Employment fell by 4,700 jobs and the unemployment rate rose to 6.7 per cent.
- When
- October 2026.
- Where
- Canada.
- Why
- More people were looking for work. The sources do not state a specific cause for the job losses.
This story does not have two clearly opposing sides.
Canada shed more than 100,000 jobs cumulatively across the two months.
Canada lost 4,700 jobs, and the unemployment rate rose to 6.7 per cent.
Statistics Canada’s October employment figures were reported.
- October job change
- Loss of 4,700 jobs
- Unemployment rate
- 6.7 per cent, up from 6.5 per cent in September
- Private-sector employment
- Down 53,000 positions
- Public-sector employment
- Up 50,000 positions
- Youth unemployment
- 13.7 per cent among people aged 15 to 24
3 sources
What people are saying
For anyone hoping that October would bring a recovery in the Canadian job market after back-to-back negative surprises, today’s release is a disappointment,
Ultimately, this adds to our conviction that the bank will hike rates no more than twice more as a precaution against upside inflation risks, before calling it a day