Canada’s unemployment rate remained unchanged at 6.5% in October as hiring across the country remains soft.
Statistics Canada’s latest labour force survey showed that employment rose by a modest 15,000 jobs nationwide in October.
Building and support services saw the largest gain in employment while finance, insurance, real estate, rental and leasing experienced the largest decline.
Many economists see weakness in the job market continuing in the near-term before the Bank of Canada’s interest rate cuts spark a rebound in economic activity in 2025.
The central bank lowered its policy rate by half a percentage point (50-basis points) last month in response to falling inflation and weak economic growth.
The Bank of Canada’s final rate decision of the year is scheduled for Dec. 11.
Despite weakness in the labour market, strong wage growth continues in Canada with average hourly wages rising 4.9% in October to $35.76.
However, Statistics Canada reported that immigrants were more likely to report facing financial strains, with about four out of 10 immigrants who landed in the last year struggling financially.
That compares with about one in four people born in Canada who are having a difficult time with their household finances currently, said the federal agency.
