Canada’s unemployment rate holds steady at 6.5% in October, economy adds 15,000 jobs

By Nojoud Al Mallees, The Canadian Press on November 8, 2024.

Honda employees work along the vehicle assembly line in Alliston, Ont., on Thursday, April 25, 2024. Statistics Canada is set to release its October labour force survey this morning, shedding light on employment trends and wage growth last month. THE CANADIAN PRESS/Nathan Denette

OTTAWA – Statistics Canada says the economy added a modest 15,000 jobs last month, while the unemployment rate held steady at 6.5 per cent.

The labour force survey says business, building and support services saw the largest gain in employment.

Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.

Average hourly wages grew 4.9 per cent from a year ago, reaching $35.76.

The labour market is expected to remain weak in the short-term as high interest rates continue to weigh on economic activity, but a rebound is expected sometime next year as rate cuts filter through the economy.

In the meantime, however, the report shows households continue to be strained, with nearly three in 10 Canadians living in a household that had difficulty meeting financial needs.

This report by The Canadian Press was first published Nov. 8, 2024.