Canada’s labor market surprised to the upside once again in October, as employment jumped by 66.6k, far exceeding expectations of -4k decline. The robust increase followed an already strong 60.4k rise in September, signaling that continuous hiring momentum. Unemployment rate slipped from 7.1% to 6.9%, beating forecasts for 7.2%, while employment rate edged up from 60.6% to 60.8%.
However, the composition of the October gains was less encouraging. The headline strength was largely driven by part-time positions, which rose by 85k, while full-time employment contracted. On a more positive note, private-sector jobs increased by 73k, marking the first rise since June,.
Wage data also showed mild upward pressure, with average hourly pay up 3.5% yoy, accelerating from 3.3% yoy in September.
