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Canada Lost 68,000 Jobs. A Rate Hike May Still Be Coming. Is Your Budget Ready?

Canadians got an unwelcome surprise on Friday. Statistics Canada says the economy lost 68,300 jobs in September , following a loss of 41,700 in August. Economists polled by Reuters had expected a gain of about 9,200. The unemployment rate rose to 6.5% , from 6.4% in August. Here's what makes this tricky for your wallet. Weak jobs numbers would normally point to lower interest rates. But with inflation at 3.0% and energy prices elevated, the Bank of Canada is still weighing a rate hike , with its next decision on October 28 . Your paycheque and your borrowing costs are both facing pressure at the same time. What the September numbers say Measure August September Change in employment −41,700 −68,300 Unemployment rate 6.4% 6.5% Wage growth (permanent employees, year over year) 2.0% 2.3% Source: Statistics Canada Labour Force Survey, as reported by Reuters and The Canadian Press (Oct. 9, 2026). Rounded figures in some outlets show −68,000 and −42,000. The pain wasn't spread evenly....
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TD to slash jobs after disappointing earnings report


The Toronto-Dominion Bank (TD) announced that it will cut an unspecified number of jobs as part of a restructuring plan to reduce costs and improve efficiency. The move comes after the bank reported lower-than-expected earnings for the fourth quarter of 2023, amid rising expenses and higher provisions for credit losses.

According to its financial results, TD earned $3.2 billion, or $1.72 per share, in the quarter ended Oct. 31, down from $3.5 billion, or $1.87 per share, a year earlier. Analysts had expected earnings of $1.79 per share, according to Refinitiv. The bank’s revenue increased by 4 per cent to $11.8 billion, but its expenses rose by 7 per cent to $6.9 billion. The bank also set aside $1.1 billion for bad loans, up from $891 million in the same period last year.

TD’s chief executive officer Bharat Masrani said the bank is facing “a challenging and uncertain environment” due to the COVID-19 pandemic and its impact on the economy. He said the bank is taking “decisive actions” to adapt to the changing conditions and position itself for long-term growth. He did not provide details on how many jobs will be affected by the restructuring, but said the bank will offer support and transition assistance to the impacted employees.

TD’s disappointing earnings contrast with the strong performance of its peers, such as Royal Bank of Canada, Canadian Imperial Bank of Commerce, Bank of Montreal and National Bank of Canada, which all beat analysts’ estimates and raised their dividends in the fourth quarter. TD was the only one of the Big Six banks that did not increase its dividend, keeping it at 79 cents per share.

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