Canada’s unemployment rate rose to 6.7% in October, above the expected 6.5% and up from 6.5% the previous month, according to Statistics Canada. The increase, following two consecutive months of job losses, confirms continued labour market weakness. It reduces the likelihood of a significant interest rate increase by the Bank of Canada in December. The institution’s next rate announcement is scheduled for December 9, 2026. Inflation, GDP, and comments from Tiff Macklem and Carolyn Rogers will shape the future direction of monetary policy.
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