Statistics Canada reported that the national unemployment rate remained steady in October, despite modest job gains. The jobless rate stood at 6.5% last month as employers added approximately 15,000 positions to their payrolls. This figure follows a significant gain of 47,000 jobs in September. However, the gains in the business, building, and other support services sectors were partially offset by losses in the finance, insurance, and real estate sectors. In response to the growing concerns about the Canadian jobs market, the Bank of Canada has taken steps to bolster the economy by implementing a series of interest rate cuts since June.
Statistics Canada reported that the national unemployment rate remained steady in October, despite modest job gains. The jobless rate stood at 6.5% last month as employers added approximately 15,000 positions to their payrolls. This figure follows a significant gain of 47,000 jobs in September. However, the gains in the business, building, and other support services sectors were partially offset by losses in the finance, insurance, and real estate sectors. In response to the growing concerns about the Canadian jobs market, the Bank of Canada has taken steps to bolster the economy by implementing a series of interest rate cuts since June.
