Canada Adds Surprise 67,000 Jobs in October, Raises Concerns Over Job Quality
In October, the Canadian economy added a surprising 67,000 jobs, causing the unemployment rate to fall to 6.9%. While much of the job growth was in part-time positions, there were notable gains in wholesale and retail trade. Though the jobless rate decreased, it remained elevated and concentrated in specific sectors, signaling a labor market still recovering. Economists predict that the Bank of Canada will likely pause on rate cuts in December due to this data, and continued slow growth in employment overall.
John Q. Hosedrinker