Canada unemployment rises to 6.7%, jobs fall 4,700

Statistics Canada on Nov. 6, 2026, said Canada's unemployment rate rose to 6.7% in October from 6.5% as the economy shed 4,700 jobs, missing a Reuters poll forecast of a 13,600 gain. The drop followed losses of about 68,000 jobs in September and 42,000 in August, a cumulative three-month decline near 115,000. Private-sector employment fell by about 53,000, the first decline since February, while the public sector added 50,000. Wholesale and retail trade lost about 29,000 jobs. Youth unemployment ages 15-24 rose to 13.7% from 13%; core-aged rates held at 5.8% for men and 5.3% for women. The Bank of Canada had raised its policy rate 25 basis points about a week earlier. CIBC's Andrew Grantham wrote that three monthly declines in a row is a trend hard to ignore, temporary factors flattered the data less than expected, and the recent trend supports a hold at the Bank's December meeting. Indeed's Sneha Puri called the release a disappointment and said visible cracks for young jobseekers could mark renewed cooling without a strong report ahead. RBC's Claire Fan said new U.S. tariffs since Aug. 22 have not and are not expected to lead to widespread layoffs; they are severe but of narrow scope, and manufacturing jobs changed little in August and September. Sources differ slightly on September's loss (68,000 vs 68,300), private-sector losses (53,000 vs 52,500), trade losses (29,000 vs 28,800), and the three-month total (nearly 115,000 vs 110,000 across August-September). One more Labour Force Survey is due before the December meeting.