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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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Manufacturing Slump Drags Canadian Economy into April Contraction

Canada’s economy contracted by 0.1% in April, according to Statistics Canada, marking a sharper-than-expected slowdown driven by widespread declines in the manufacturing sector.

Economists had anticipated flat growth for the month, but the downturn reflects mounting pressure across key industries. The manufacturing pullback was particularly notable, with sectors exposed to global trade tensions and tariffs bearing the brunt. This follows a modest 0.1% GDP increase in March, suggesting a reversal in momentum.

The data also casts a shadow over May, with preliminary estimates pointing to another month of contraction. Analysts are now watching closely for the Bank of Canada’s next move, as speculation grows around a potential rate cut amid signs of economic softening.

While the decline is modest, it underscores the fragility of Canada’s recovery and the growing impact of external pressures on domestic output.

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