Canada Records 0.3 Percent Increase in October Employment Rate
The employment rate climbed 0.2 percentage points to reach 60.8 percent during October—the second straight month of gains—while joblessness fell by 0.2 percentage points to 6.9 percent, the national statistical agency confirmed.
Workforce expansion occurred across wholesale and retail trade sectors, along with transportation and warehousing, information, culture and recreation, and utilities, Statistics Canada reported. Meanwhile, the construction industry experienced job losses.
Nathan Janzen, assistant chief economist at Royal Bank of Canada, cautioned that beneath the robust data, vulnerabilities persist.
"U.S. tariff policy remains a significant risk, and labor markets are still softer than they were, with the unemployment rate still up 0.3 percentage points from a year ago in October," Janzen stated in a market report.
The mixed signals suggest Canada's labor recovery faces headwinds despite consecutive monthly improvements in key employment metrics.
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