Back to news
Canada · Source: www150.statcan.gc.ca
Canada's jobless rate climbs to 6.7% as hiring stalls in October
Source/event date
Editor: Hedal Kolanyi / AI-assisted
Corrections: none so far. Spotted an error? Tell us via the Contact page.
Summary: Statistics Canada said employment was little changed in October 2026 (down 4,700) while the unemployment rate rose 0.2 percentage points to 6.7%. Private-sector employee numbers fell, and youth unemployment rose to 13.7%.
What happened
Statistics Canada's Labour Force Survey, released on 6 November, showed employment broadly flat in October after declines of 68,000 in September and 42,000 in August. The employment rate slipped 0.1 points to 60.5%, its third monthly decline in a row. The unemployment rate rose to 6.7%, a second straight increase, as about 33,000 more people looked for work. It remains below the recent peak of 6.9% in April 2026.
Beneath the flat total, the number of private-sector employees fell by 53,000, the first drop since February, while public-sector employees rose by 50,000. By industry, wholesale and retail trade lost 29,000 jobs, while construction added 16,000 and educational services 15,000. Alberta shed 24,000 jobs and its jobless rate jumped to 7.3%; British Columbia gained 12,000.
Youth unemployment (ages 15 to 24) rose 0.7 points to 13.7%. Average hourly wages were up 2.2% on a year earlier at $37.89, slightly slower than September's 2.3%. Nearly a quarter (23.7%) of unemployed people had been looking for work for 27 weeks or more.
Background
The agency also reported that 29.7% of Canadians aged 15 and older lived in households that had found it hard to meet their financial needs over the previous four weeks. That was up 2.0 points from a year earlier and the first annual rise since 2022. The Bank of Canada raised its policy rate by 25 basis points to 2.50% on 28 October 2026. The summary of its October 2026 Monetary Policy Report says inflation in Canada has been higher than anticipated.
Why it matters for markets and crypto
Labour data is a key input for central banks weighing inflation against economic slack. Softer hiring alongside higher inflation makes those decisions harder and can affect rate expectations and the wider financial climate. This data relates to the wider economy, not to any particular asset, and this article makes no forecast.
What to watch next
- 4 December 2026: November Labour Force Survey (reference week 8–14 November).
- 9 December 2026: Bank of Canada interest rate announcement.
Adapted from Statistics Canada, Labour Force Survey, October 2026 (The Daily, 6 November 2026). This does not constitute an endorsement by Statistics Canada of this product.
Sources
- Statistics Canada: Labour Force Survey, October 2026 (The Daily), 6 Nov 2026
- Bank of Canada: Policy interest rate and 2026 schedule
- Bank of Canada: Monetary Policy Report, October 2026, 28 Oct 2026
Disclaimer: Xorchain Economy news is provided for general information only. It is not financial, investment, legal or tax advice, and it is not an offer or recommendation to buy, sell or hold any asset. Articles are written in our own words from official and other public sources, which are credited and linked at the end of each article. Short quotes are attributed to their authors. Articles are prepared with AI assistance and reviewed by the editor before publication. Figures may be revised by the source, and the original publication prevails. Xorchain is an early-stage project, has no token for sale, and has no affiliation with the institutions mentioned unless stated. Do your own research and consult a qualified adviser before making financial decisions.
Conflict of interest: xorchain.io is an early-stage blockchain project; the author has an interest in it. This is not investment advice.