The Canadian economy added 67,000 jobs in October, lowering the unemployment rate to 6.9%, surpassing economists’ expectations. While most new jobs were part-time, significant gains were noted in wholesale and retail trade, while the construction sector lost 15,000 jobs. The youth unemployment rate fell for the first time since February, and average hourly wages increased by 3.5%. This data supports the Bank of Canada’s position on interest rates, suggesting a pause in rate cuts moving forward.
