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5 Things to Know Today: 68,000 Jobs Lost, a Weaker Loonie and the Oct. 28 BoC Decision

  Oct 12, 2026   Happy Thanksgiving. Canadian markets are closed today, but the numbers that shape your wallet aren't taking the day off. Here are five things to know on Monday, October 12. 1. Canada lost about 68,000 jobs in September, wiping out 2026's gains Statistics Canada reported that employment fell by roughly 68,000 in September, following a 41,700-job drop in August. The unemployment rate edged up to 6.5% from 6.4%. Economists had forecast a small gain. Put the two months together and Canada has lost about 41,200 jobs so far this year, compared with a gain of 211,300 over the same stretch of 2025, according to Reuters. The losses were spread almost evenly between full-time and part-time work and were concentrated in the public sector. Workers aged 15 to 24 lost 48,000 jobs, Quebec shed 49,000, and Ontario's unemployment rate sits at 7.0%, the highest among the large provinces. Average hourly wages were up 2.3% from a year ago. What it means for you: A softening j...
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GOP Races to Rescue Trump’s Sweeping Bill Amid Internal Discord

After a turbulent weekend marked by political infighting and procedural delays, Senate Republicans are scrambling to advance President Donald Trump’s ambitious “One Big Beautiful Bill Act” — a sweeping 940-page package of tax breaks, spending cuts, and immigration enforcement measures.

The bill, which faces unified Democratic opposition, has become a litmus test for GOP unity. Despite holding majorities in both chambers, Republicans are struggling to secure enough support within their own ranks. A dramatic late-night vote on Saturday narrowly cleared a procedural hurdle, with Vice President JD Vance on standby to break a potential tie.

The legislation includes $3.8 trillion in tax cuts and controversial reductions to Medicaid and food assistance programs. A Congressional Budget Office analysis estimates it would leave 11.8 million more Americans uninsured by 2034 and increase the deficit by $3.3 trillion over the next decade.

Senator Thom Tillis of North Carolina, who opposed the bill over its Medicaid cuts, announced he won’t seek reelection after facing pressure from Trump. Meanwhile, conservative senators are pushing for even deeper cuts, prompting Trump to warn, “Don’t go too crazy!”

With a self-imposed July 4th deadline looming, the Senate is bracing for a marathon session of amendment votes. The outcome remains uncertain — and the stakes couldn’t be higher.

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