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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 Eases Trade Tensions with Larger-Than-Expected Tariff Rollback

 

                                               Prime Minister Mark Carney


In a surprise move aimed at cooling trade frictions, Finance Minister Mark Carney announced that Canada will roll back countertariffs on U.S. goods by a greater margin than initially planned.

The rollback, which affects a wide range of American imports, is being framed as a strategic step to stabilize cross-border trade and reduce costs for Canadian businesses and consumers. Originally, Ottawa had signaled a more modest reduction, but Carney confirmed that the government is accelerating the pace of tariff relief to foster stronger economic ties.

Analysts suggest the decision could help ease inflationary pressures in Canada, particularly on consumer goods that had been subject to higher duties. It may also open the door for renewed negotiations on broader trade issues between the two countries.

While some domestic industries remain cautious about increased competition from U.S. imports, business groups have largely welcomed the move, calling it a pragmatic step toward restoring predictability in North American trade.


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