The labour market added 17,500 jobs in October, a slower pace than in recent months, Statscan said
The Canadian economy added jobs at a slower pace in October and the unemployment rate ticked up, the latest sign of how higher interest rates are weighing on economic activity.
Meanwhile, average hourly wages rose 4.8 per cent on an annual basis in October – down from a 5-per-cent pace in September. This is an encouraging sign for the Bank of Canada, which has repeatedly flagged elevated wage growth as a risk to the “While the headline job gain was uneventful, make no mistake that the underlying picture for Canada’s labour market is softening. Exhibit A on that front is the grinding rise in the unemployment rate,” Bank of Montreal chief economist Doug Porter wrote to clients.
Employment rose by 23,000 in construction, the most by industry. Manufacturing shed 18,800 roles, while another 21,700 positions were lost in wholesale and retail trade.
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