Canada's October Unemployment Rate Rises to 5.7%

Job Positions Increase by 17,500

Canada's unemployment rate rose to 5.7% in October.

Statistics Canada announced that last month's unemployment rate increased to 5.7%, influenced by a rise in the labor force and job seekers. This is a 0.2 percentage point increase from the previous month and marks the fourth increase in the past six months.

Jobs increased by 17,500 in October. The economic sector had initially expected jobs to increase by 22,000 during this period, with the unemployment rate recording 5.6%, but both indicators showed weaker results than anticipated.

Additionally, the average hourly wage in October rose by 5% compared to the same period last year, which was lower than the 5.3% increase recorded in the previous month.

Accordingly, local media reported that the economic sector expects the central bank to likely keep the benchmark interest rate unchanged in the future. The Bank of Canada, the central bank, recently held its policy rate steady at 5% for two consecutive meetings.

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