Canada's Job Market Booms: Unemployment Drops Below 7%

Canadas job market surged in October, adding 67,000 new jobs, pushing the unemployment rate below 7%. This growth was primarily driven by service industries and young worker opportunities. While many new positions were part-time, key sectors like wholesale, retail, and transportation saw significant job gains. Youth unemployment rate dropped, and permanent employees experienced a 4% wage increase, suggesting stronger consumer spending ahead. This positive data supports the Bank of Canadas view on current interest rates.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.