Canada Urged to Pause Rate Hikes as Job Losses Persist for a Third Month
Canada lost 4,700 jobs in October against expectations of a 15,000 gain, Market Talk reports, citing CIBC economist Andrew Grantham.
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what happened
Andrew Grantham, economist at CIBC Capital Markets, argues the Bank of Canada will struggle to overlook three straight months of job losses, according to Market Talk. October saw 4,700 jobs cut, far from the 15,000 gain the market had expected.
All of the losses came in full-time positions, and average hourly wages slowed. One more jobs report arrives before the central bank's December decision, but Grantham says recent figures show "slack is opening up again in the economy" and support a hold at that meeting.
why it matters
A weak labour market lowers the odds of another rate increase, which typically weighs on the Canadian dollar and supports rate-sensitive bonds. Traders will watch the December jobs report to see whether the trend holds.
market impact
Canadian dollar: weaker jobs cut the odds of a rate hike, pressuring CAD
- Canadian dollar pressure down — weak labour market reduces expectations of a Bank of Canada rate hike
tags
instruments
sources
- Canada Should Hold Off on Rate Hikes Amid 3 Months of Job Losses — Market Talk, 6 November 2026 at 14:07 UTC
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