Canada's unemployment rate rose to 6.7 per cent in October as the economy shed 4,700 jobs, Statistics Canada reported. Youth unemployment climbed to 13.7 per cent.
Canada's unemployment rate rose to 6.7 per cent in October, Statistics Canada said Friday, up from 6.5 per cent in September. The economy shed 4,700 jobs last month, while economists polled by Reuters had expected a gain of 13,600 jobs.
Private sector employment fell by 53,000 positions in October, marking the first decline in the segment since February. Public sector employment rose by 50,000 positions. On a year-over-year basis, private sector jobs are still up while the public sector is down, according to Statistics Canada.
Wholesale and retail trade led October's losses, shedding 29,000 jobs. Construction added 16,000 jobs and educational services gained 15,000.
The unemployment rate for youth aged 15 to 24 rose 0.7 percentage points to 13.7 per cent. Among young people, students faced a higher unemployment rate (13.5 per cent) than those not attending school (12.3 per cent), on a non-seasonally adjusted basis. The share of youth attending school rose to 63.3 per cent from 62.2 per cent a year earlier.
For core-aged workers aged 25 to 54, the unemployment rate was unchanged at 5.8 per cent for men and 5.3 per cent for women. For workers aged 55 and older, the unemployment rate rose 0.2 points to 5.5 per cent as employment fell by 14,000.
Alberta posted the largest provincial decline, losing 24,000 jobs, and its unemployment rate jumped 0.9 points to 7.3 per cent. Ontario's unemployment rate rose 0.3 points to 7.3 per cent. Quebec's unemployment rate fell 0.3 points to 5.7 per cent. British Columbia's unemployment rate was steady at 6.3 per cent.
Of the roughly 1.5 million Canadians unemployed in October, 23.7 per cent were in long-term unemployment, defined as searching continuously for 27 weeks or more. That is up from 21.5 per cent a year earlier.
Average hourly wages for employees rose 2.2 per cent year over year to $37.89 in October, an increase of $0.83, after 2.3 per cent growth in September.
The October figures come a little over a week after the Bank of Canada raised its benchmark interest rate by a quarter point to 2.5 per cent, its first increase in more than three years. The labour market data could influence the central bank's next policy decision at its final meeting of the year.
Sources
This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.
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