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5 Things to Know Today: 68,300 Jobs Lost, Loonie at 18-Month Low, BoC Hike Odds Fade

  CANADIAN MONEY BRIEF | SATURDAY, OCTOBER 10, 2026 Canada's job losses pile up, the loonie slides to an 18-month low and the Bank of Canada's rate-hike case weakens. Here's what matters for your wallet this long weekend. 1 Canada lost 68,300 jobs in September Statistics Canada reported 68,300 fewer jobs in September, far worse than the roughly 9,200 gain economists polled by Reuters expected. The unemployment rate rose to 6.5% from 6.4%. It follows a 41,700 drop in August, which means Canada has now lost a net 41,200 jobs in 2026 (versus a gain of 211,300 at this point last year). Education plus health care and social assistance lost 58,400 jobs, manufacturing fell by 12,700 and youth employment (ages 15 to 24) dropped by 48,000. The participation rate slid to 64.8%, its lowest in 29 years outside the pandemic. What it means for you: Average hourly wages for permanent employees rose 2.3% year over year, which is slower than August inflation of 3.0%. If your pay isn'...

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Canada Vows Robust Retaliation Against ‘Unjustified’ U.S. Metal Tariffs

 

Canadian Prime Minister Justin Trudeau has warned that if the United States moves forward with its proposed steel and aluminum tariffs—deemed “entirely unjustified”—Ottawa will respond decisively. Speaking at the sidelines of the Paris Artificial Intelligence summit, Trudeau stressed that Canadians will “stand up strongly and firmly if we need to,” underscoring his government's commitment to defending the long‐standing trade relationship between the two countries. 

Trudeau argued that imposing such tariffs would not only damage Canadian industries but also raise costs for American consumers by disrupting vital supply chains, from automotive manufacturing to energy imports. He emphasized that any tariff imposed by Washington would trigger immediate reciprocal measures from Canada to protect its economic interests and ensure that the free trade agreement remains intact. 

The Prime Minister’s remarks come amid growing concerns that these U.S. trade measures could escalate tensions and lead to a broader economic conflict—one that would hurt businesses and households on both sides of the border. Trudeau’s firm stance signals that Canada is prepared to use all available tools, including retaliatory tariffs and other countermeasures, to safeguard its economy against what he calls an “unacceptable” attack on free trade.

Trudeau’s message is clear: while Canada values its historical partnership with the United States, it will not hesitate to defend its industries and consumers from policies that threaten mutual prosperity.

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