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Canada's employment surprisingly shrinks in September, jobless rate inches up
Statistics Canada said youth and public-sector losses drove the decline, while economists had expected a gain of 9,200 jobs.
- Canada's economy lost 68,000 jobs in September, pushing the unemployment rate to 6.5 per cent, according to Statistics Canada. This marks the second consecutive month of employment declines.
- The decline follows 42,000 job losses in August, halting a strong labour market streak. Employers had collectively added 181,000 positions from April through July before consecutive monthly downturns began.
- Youth aged 15 to 24 bore the brunt with 48,000 fewer jobs, while educational services led industry declines by shedding 35,000 positions. Public sector roles saw significant reductions across multiple segments.
- The labour force participation rate fell to 64.8 per cent, its lowest level in 29 years excluding the pandemic era. Permanent employees' average hourly wages rose 2.3 per cent year-over-year.
- These figures provide the Bank of Canada with its final look at labour market health before the scheduled interest rate decision on Oct. 28. Markets are evaluating potential monetary policy adjustments.
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46 Articles
46 Articles
Canada’s employment surprisingly shrinks in September, jobless rate inches up
Canada’s economy stunned widespread expectations to post a massive job loss in September and the unemployment rate edged up, data showed on Friday, effectively wiping off all the gains in jobs that was seen this year.
·Toronto, Canada
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The unemployment rate increased by 0.1 percentage points to 6.5%, with young people being the most affected by job losses.
·Montreal, Canada
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Total News Sources46
Leaning Left24Leaning Right2Center12Last UpdatedBias Distribution63% Left
Bias Distribution
- 63% of the sources lean Left
63% Left
L 63%
C 32%
Factuality
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