Canada's Job Market Rebounds: A Glimmer of Hope Amid Tariffs
Canada's job market showed unexpected strength in October, adding 66,600 jobs, mainly part-time, and reducing the unemployment rate to 6.9%. These gains offset earlier losses due to U.S. tariffs, especially in Ontario's steel and automotive sectors. October's data could signal recovery for the struggling Canadian economy.
Canada's job market delivered a surprising boost in October, reversing recent declines as the unemployment rate dropped, official data revealed on Friday. This upturn provided a bright spot for a nation grappling with the impact of U.S. President Donald Trump's tariffs.
The economy added a net 66,600 jobs, primarily within part-time positions in the private sector, according to Statistics Canada. This surge balanced most job losses recorded in earlier months and stemmed from substantial gains in Ontario.
The unemployment rate decreased to 6.9%, defying analysts’ predictions and highlighting potential economic recovery. Ontario led the job gains, driven partly by the Toronto Blue Jays' playoff run, with significant contributions from wholesale, retail, transport, and warehousing sectors.
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