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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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Carney Condemns Trump’s Tariff Surge, Vows Economic Resilience

 


Canada Pushes Back as Trump Hikes Tariffs to 35%

Prime Minister Mark Carney expressed strong disappointment following U.S. President Donald Trump’s decision to raise tariffs on Canadian goods from 25% to 35%, citing concerns over fentanyl trafficking and border security.

Despite the hike, Carney emphasized that Canada remains committed to the Canada-U.S.-Mexico Agreement (CUSMA), which still exempts most Canadian exports from the new tariffs. “The U.S. application of CUSMA means that the U.S. average tariff rate on Canadian goods remains one of its lowest for all of its trading partners,” Carney stated in a letter posted early Friday.

However, key sectors such as lumber, steel, aluminum, and automobiles are expected to feel the brunt of the increased duties. Carney pledged to protect Canadian jobs and industrial competitiveness through targeted investments and export diversification.

Trump’s executive order, signed Thursday night, also includes a 40% tariff on goods transshipped through third countries to bypass the new rate. The White House justified the move by accusing Canada of insufficient cooperation in curbing fentanyl flows, despite data showing Canada accounts for only 1% of U.S. fentanyl imports.

Trade Minister Dominic LeBlanc is currently in Washington for negotiations, though no updates have been provided. Trump hinted at potential talks, saying, “It doesn’t mean that somebody doesn’t come along in four weeks and say we can make some kind of a deal”.

As tensions rise, Carney reaffirmed Canada’s commitment to border security and its broader economic strategy: “Canadians will be our own best customer... We can give ourselves more than any foreign government can ever take away”.

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