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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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U.S. Deficit Outlook Darkens: $1 Trillion Surge in 10-Year Forecast

 

The U.S. federal budget deficit is projected to be nearly $1 trillion higher over the next decade than estimated in January, according to the Committee for a Responsible Federal Budget (CRFB). The watchdog now forecasts a cumulative shortfall of $22.7 trillion from fiscal years 2026 to 2035, compared to the Congressional Budget Office’s (CBO) earlier projection of $21.8 trillion.

The upward revision stems largely from the fiscal impact of the One Big Beautiful Bill Act—a sweeping tax-and-spending package—and the continuation of President Donald Trump’s tariffs. While the CRFB estimates these tariffs could generate about $3.4 trillion in additional import duty revenue over the decade, the tax cuts and spending measures are expected to add $4.6 trillion to deficits, including interest costs.

Deficits are projected to dip slightly in 2025 to $1.7 trillion (5.6% of GDP) from $1.83 trillion in 2024, but then steadily climb, reaching $2.6 trillion (5.9% of GDP) by 2035. Net interest payments on the national debt are set to soar from nearly $1 trillion in 2025 to $1.8 trillion by 2035, totaling $14 trillion over the decade.

The CRFB’s alternative scenario paints an even bleaker picture—deficits could swell by almost $7 trillion above the CBO baseline if certain tariffs are overturned in court and temporary tax cuts are extended.

This latest forecast underscores the mounting fiscal pressures facing the U.S., with rising interest costs and structural imbalances threatening to deepen the nation’s debt burden for years to come.

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