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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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Fed Holds Rates Steady Amid Global Uncertainty, Signals Single 2026 Cut

 

                                            Federal Reserve Chair Jerome Powel


The Federal Reserve opted to keep its benchmark interest rate unchanged, maintaining the current range of 3.5% to 3.75%, marking its second consecutive pause of 2026. Policymakers cited elevated economic uncertainty—particularly stemming from geopolitical tensions in the Middle East—as a key factor behind the decision.

Steady Rates, Subtle Shifts

  • Fed officials reaffirmed expectations for one rate cut in 2026, consistent with projections made in December. 
  • The central bank acknowledged that the economic outlook remains clouded by global conflicts, including the Iran-related war, which continues to influence inflation and growth expectations. 
  • Updated economic projections show modest upward revisions to long-term growth and inflation forecasts, reflecting a cautiously optimistic stance despite ongoing risks. 

What This Means Going Forward

The Fed’s decision underscores a balancing act: supporting economic stability while remaining vigilant about inflationary pressures and geopolitical shocks. With only one rate cut projected for 2026, markets may continue to navigate a higher-for-longer rate environment as the central bank waits for clearer signals on inflation and global stability.

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