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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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Trump Wields Shutdown as Political Weapon, Targets Federal Workforce

 

                                            President Donald Trump


President Donald Trump has turned the ongoing government shutdown into a strategic opportunity to reshape the federal workforce and punish political adversaries. Rather than following the traditional path of furloughing employees during funding lapses, the Trump administration is threatening mass layoffs and proposing permanent cuts to programs favored by Democrats.

White House Press Secretary Karoline Leavitt announced that layoffs are “imminent,” while the Office of Management and Budget has frozen $18 billion in infrastructure funding for New York’s subway and Hudson Tunnel projects—both located in the home state of Democratic congressional leaders.

Trump is working closely with budget director Russ Vought, a key architect of the Project 2025 conservative blueprint, to identify agencies for potential elimination or downsizing. The president described the shutdown as an “unprecedented opportunity” to reorient the federal government according to his vision.

The Congressional Budget Office estimates that roughly 750,000 federal workers could be furloughed daily, resulting in a $400 million loss in wages per day and broader economic consequences. With Congress stalled and no immediate resolution in sight, the shutdown threatens to deepen, leaving federal employees and essential services in limbo.


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