Canada Adds 15,000 Jobs in October

Statistics Canada reported a modest increase of 15,000 jobs in October, keeping the unemployment rate stable at 6.5%, despite expectations of a larger gain. The employment rate has slipped by 0.1% to 60.6%, marking the sixth consecutive monthly decline, while labor force participation also decreased to 64.8%. Gains were primarily observed in business, building, and support services, countered by losses in finance and real estate. Average hourly wages rose by 4.9% year-over-year, indicating potential upward pressure on inflation. Households continue to face financial strain, with nearly 30% reporting difficulties in meeting financial needs, as high interest rates persist. A rebound in the labor market is anticipated next year as rate cuts begin to impact the economy.