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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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Canada Plans Preferential Market Access for Foreign Automakers Who Build Locally

 

The interior of the Windsor Assembly Plant in southwestern Ontario. Amid tariff threats on imported steel and aluminum by U.S. President Donald Trump, there's also concern in Canada's auto sector.


Canada is preparing a policy shift that could reshape its automotive sector by giving foreign automakers preferential access to the domestic market—on the condition that they manufacture vehicles within the country. A senior government official signaled that the move is part of a broader effort to strengthen Canada’s industrial base and attract long‑term investment.

What the Policy Would Do

  • Automakers that establish or expand production facilities in Canada would gain improved access to sell their vehicles domestically.
  • The approach is designed to boost job creation, deepen supply chains, and reinforce Canada’s role in North American vehicle production.
  • The policy aligns with national goals to expand electric‑vehicle manufacturing and secure future‑focused industries.

Why It Matters

The global auto industry is undergoing rapid transformation, especially with the shift toward electric and zero‑emission vehicles. Canada aims to position itself as a competitive manufacturing hub by:

  • Attracting foreign direct investment
  • Strengthening domestic production capacity
  • Supporting innovation and climate‑related industrial strategies
  • Competing more effectively with the United States and Asia

Industry Outlook

The proposal is expected to draw interest from automakers seeking a stronger foothold in North America. It may also spark debate among existing manufacturers about competitiveness and long‑term implications for the sector.


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