Economists initially anticipated a -20,000 job change and rising unemployment to 7.2%, but the actual data showed resilience in the labor market.

Youth employment rose by 21,000 in October, cutting the youth unemployment rate by 0.6 percentage points to 14.1%.

West Fraser Timber announced permanent closures of mills in Georgia and British Columbia by year-end due to timber supply challenges and soft lumber markets, affecting 295 workers with some internal transfers possible.

Average hourly wages rose 3.5% year over year in October, up from 3.3% in September, signaling modest wage growth amid the job gains.

Hourly wages increased to $37.06 per hour, up 1.27, reinforcing the modest wage momentum.

Wage growth of 3.5% year over year in October reflects a cautious uptrend as employment gains continue.

Readers can expect further updates and opportunities to comment or access more content behind a subscription.

The story will be updated as new data or analysis becomes available.

Canada added 66,600 jobs in October, marking a second straight month of unexpected gains and lowering the unemployment rate to 6.9%, with most growth coming from part-time work across Ontario in wholesale and retail, transport and warehousing, information, culture and recreation, and utilities.

Over October and September, job gains offset declines seen in August and July, helping to stabilize the labor picture.

Most gains were in the private sector, with private employment rising by about 73,000 while public employment was unchanged.

Overall sentiment notes that more details and analysis are forthcoming.

Analysts describe mixed signals: some improvement in distressed areas and a potential stabilization, but ongoing trade frictions and tariffs continue to weigh on the economy.

Labor-market volatility has persisted, with September’s gain following July and August losses and a June surge of 83,000 jobs.

Year to date, Canada has added about 164,500 net jobs, showing resilience despite U.S. tariff pressures.

October featured more part-time gains and some full-time declines, but overall the labor market remained stronger than anticipated.

Markets largely price in no further Bank of Canada rate cuts soon, with only a small probability of a cut at the next decision.

Ontario’s gains may be partly seasonal, tied to factors like the Toronto Blue Jays playoff run, suggesting temporary effects on provincial numbers.

The data continue to reflect volatility and 'wild swings' in the Labour Force Survey, with uneven momentum across sectors and timing issues.

Analysts note that October data support the view that rates are low enough to stimulate the economy, though overall conditions remain soft.

Economists anticipate that employment gains may slow later, but population growth could help push unemployment lower into 2026, aligning with the central bank’s stance of no immediate rate cuts.

Telus missed expectations in Q3 for both profit and revenue, with mobile additions down 37% year over year due to weaker sign-ups and higher churn.

Economists are divided on the outlook, with some seeing early signs of recovery while others warn the improvement is fragile and not a broad turnaround.

Wage growth cooled somewhat, indicating resilience in the labour market but not strong momentum.

Enbridge reported third-quarter adjusted profit slightly below estimates, with cash from core operations down 3.5% year over year, but reaffirmed its outlook and highlighted more than $3 billion in approved projects in progress.

Tesla shareholders approved CEO Elon Musk’s near-US$1 trillion pay package, with 75% in favor, despite proxy-adviser recommendations against it; Musk outlined ambitious plans including humanoid robots and a role for Tesla vehicles in lunar and Martian base support.

Bank of Canada communications suggest rates remain calibrated to balance inflation and recovery, with the recovery’s true strength hinging on trade conditions and domestic demand.

The unemployment drop and job gains exceeded consensus forecasts, underscoring unexpected strength in October.

The data broadly supports the Bank of Canada's stance to keep rates low, with expectations that no further rate cuts are imminent in the near term.

Goods-producing industries have shed 54,000 positions since January, while services-added 142,000, reflecting sector shifts amid trade tensions.

Youth unemployment fell to 14.1% in October from 14.7% in September, with 21,000 more jobs for ages 15 to 24.