In September, Canada experienced a loss of 68,000 jobs, as reported by Statistics Canada, marking the second consecutive month of job declines, leading to an increase in the unemployment rate to 6.5 percent. The decrease in employment was particularly notable among individuals aged 15 to 24, with this demographic accounting for 48,000 of the lost jobs, according to the data agency.
Prior to the release of the data, a Reuters poll of economists had anticipated an addition of 9,200 jobs in September. This decline follows a previous loss of 42,000 jobs in August, which had caught economists off guard and ended a period of strong performance in the labor market.
The upcoming jobs report will be crucial for the Bank of Canada as it assesses the labor market before making its next interest rate decision on October 28.
