Canada's Job Market Surges: Unexpected Gains in October

Canada's job market demonstrated a solid resurgence in October, reversing previous declines and outstripping expectations, as reported by Statistics Canada on Friday. The nation's economy added a net of 66,600 jobs, a stark contrast to analysts' forecasts and providing a counterbalance to job losses from July and August.

The entirety of October's employment gains, totaling 85,000 people, were seen in the part-time work sector, while full-time jobs decreased by 18,500. This uptick marks the first increase in private sector employment since June. Consequently, the unemployment rate dipped to 6.9% from 7.1% in September, defying prediction models.

Key industry drivers of the job increase included wholesale and retail, as well as transportation and warehousing. Retail and wholesale alone, significant components of the services sector, contributed 40,700 jobs, further solidifying its position as the country's largest employer. Correspondingly, the Canadian dollar strengthened slightly, alongside a rise in two-year government bond yields.