Skip to main content

Featured

Monday’s CPI Could Decide Your Next Mortgage Payment

  Canada lost 68,000 jobs in September. Inflation is sitting at 3%. The Bank of Canada has to decide on October 28 which of those facts matters more, and on Monday morning one more number lands to help it choose. If you carry a variable-rate mortgage, a HELOC or a renewal this winter, that number has a price tag. Two reports pulling in opposite directions The jobs data came first. Statistics Canada reported on October 9 that employment fell by 68,000 in September, pushing the unemployment rate to 6.5% from 6.4%. It followed a drop of about 42,000 in August, which means more than half of the 181,000 jobs gained between April and July have now been wiped out. Ontario shed 20,000 positions on its own. Markets reacted within hours: the odds of a quarter-point Bank of Canada hike on October 28 dropped to roughly 25% from about 40%, according to LSEG data reported by Reuters. Inflation is telling the opposite story. The consumer price index rose 3.0% year over year in August, matching Ju...
Post a Comment
Read more

article

Labels

Canada Adds Fewer Jobs Than Expected in October; Unemployment Rate Holds Steady

 

Canada’s job market showed signs of slowing down in October, as the country added fewer jobs than anticipated. According to Statistics Canada, the national unemployment rate remained unchanged at 6.5%.

The economy saw a modest increase of 15,000 jobs last month, falling short of economists’ expectations. This modest gain reflects ongoing challenges in the labor market, influenced by high interest rates and economic uncertainties.

Despite the job additions, the unemployment rate held steady, indicating that the labor market is still grappling with balancing job creation and economic pressures. The Bank of Canada has been closely monitoring these trends, especially as it aims to foster economic growth following recent interest rate cuts.

As the country navigates these economic conditions, the focus remains on creating sustainable employment opportunities and supporting workforce stability.


Labels:

Comments

Post a Comment