Canada's Jobless Rate Rises to 6.7% in October, a Six-Month High
Canada shed a net 4,700 jobs in October and the unemployment rate rose to 6.7%, according to Dow Jones Newswires and Update.
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what happened
Canada's unemployment rate rose 0.2 percentage point to 6.7% in October, the highest level since April, Dow Jones Newswires reported. Statistics Canada said employment fell by a net 4,700, while economists had expected a gain of about 15,000. Update, in a separate report, noted that 110,000 jobs had been lost over the previous two months.
The decline was concentrated in full-time work and the private sector. Wholesale and retail trade lost about 29,000 jobs and manufacturing shed nearly 17,000. Average hourly wage growth for permanent employees slowed to 2% from a year earlier.
why it matters
Weak labor data reduces the chance that the Bank of Canada will tighten policy further after its first rate increase in more than three years last month. That weighs on the Canadian dollar. Measured with U.S. Labor Department methodology, the jobless rate fell to 5.5%.
market impact
Canadian dollar: weak jobs data lowers odds of further BoC tightening, pressuring CAD
- Canadian dollar pressure down — weak employment data lowers the chance of further central bank rate hikes
- USD/CAD pressure up — a weaker Canadian currency lifts the pair against the U.S. dollar
tags
instruments
sources
- Canada Unemployment Rate Climbs to 6.7% in October — Dow Jones Newswires, 6 November 2026 at 13:32 UTC
- Canada Unemployment Rate Climbs to Six-Month High of 6.7% — Update, 6 November 2026 at 13:58 UTC
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