Canada’s labor market showed signs of stability in October, with employment holding steady and the unemployment rate remaining unchanged at 6.5%, according to the latest data from Statistics Canada. The economy added a modest 15,000 jobs (+0.1%) in October, following a more substantial increase of 47,000 (+0.2%) in September.
Despite the slight employment gain, the employment rate declined by 0.1 percentage points to 60.6%, marking the sixth consecutive monthly decrease. This trend reflects ongoing demographic pressures, as population growth continues to outpace job creation.
Youth employment was a bright spot in the report, with male workers aged 15 to 24 seeing an increase of 25,000 jobs (+1.8%). However, this was partially offset by a decline of 15,000 jobs (-0.8%) among women aged 55 and older. Sectoral performance was mixed, with business, building and other support services adding 29,000 jobs (+4.2%), while finance, insurance, real estate, rental and leasing shed 13,000 positions (-0.9%).
Wage growth accelerated, with average hourly wages rising 4.9% year-over-year to $35.76, up from 4.6% growth in September.
The labor force participation rate fell 0.1 percentage points to 64.8%, reaching its lowest level since December 1997, excluding pandemic years. This decline reflects both demographic shifts and cooling labor market conditions.
Information for this story was found via Statistics Canada. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
