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Canada's Job Market: Modest Growth, Strong Wages, and Financial Strain
Canada's October job market showed modest growth but was hampered by population increases, while wage growth remained strong. Financial difficulties were reported by a significant portion of Canadians, particularly renters and recent immigrants.
English
Canada
EconomyLabour MarketFinanceUnemploymentJobsWages
Statistics CanadaBank Of CanadaIndeedTd
Brendon BernardJames OrlandoTiff Macklem
- What was Canada's unemployment rate in October?
- Canada's unemployment rate remained steady at 6.5 percent in October, despite a modest increase of 15,000 jobs. This growth was offset by strong population growth, resulting in job growth failing to keep pace.
- Which sectors showed the largest employment gains and losses?
- The sectors with the largest employment gains were business, building, and support services, while finance, insurance, real estate, and leasing experienced the largest decline.
- How has wage growth performed despite the softness in the job market?
- Despite the softness in the job market, average hourly wages grew by 4.9 percent year-over-year to $35.76, suggesting that those already employed are experiencing healthy pay increases.
- What is the short-term outlook for the job market, and what factors will influence it?
- Economists predict continued weakness in the job market short-term, anticipating a rebound next year due to expected Bank of Canada interest rate cuts. The central bank's decision will be based on incoming economic data.
- What percentage of Canadians reported difficulty meeting financial needs, and which groups faced greater challenges?
- A significant portion of Canadians (28.8%) reported difficulty meeting financial needs in the past four weeks, although this is an improvement from previous years. Renters and recent immigrants reported higher rates of financial strain.