Canada’s labour market added just 17,500 positions in October, the weakest monthly job gains in more than a year and fewer than the 25,000 positions anticipated by economists surveyed by Bloomberg.
The country’s unemployment rate, meanwhile, rose to 5.7% last month from 5.5% in September, the fourth increase in the jobless rate during the past six months as higher interest rates appear to be weighing on Canada’s economy.
Economists expected October's unemployment rate to hit 5.6%.
"While the headline job gain was uneventful, make no mistake that the underlying picture for Canada's labour market is softening," Bank of Montreal chief economist Douglas Porter wrote in a note to clients.
Job gains for the month were led by the construction, information and recreation, and healthcare sectors, while the wholesale and retail trade, manufacturing and real estate industries saw the biggest losses.
Alberta, Saskatchewan, Nova Scotia and New Brunswick posted the best job gains during the month.
As well, October's wage growth for permanent employees eased to 5%, missing expectations for a 5.2% increase, although it was the fourth straight month of pay raises of 5% or more.
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