Canada added a surprising 67,000 jobs in October, far exceeding economists’ expectations for a decline of roughly 10,000, Statistics Canada reported on Friday.
The unemployment rate fell to 6.9% from 7.1% in September, compared to forecasts that it would tick higher to 7.2%.
The increase was driven entirely by part-time positions (+85,000), while full-time employment fell by about 18,500, the agency reported. Job gains were concentrated in the private sector, particularly in Ontario, which added 55,000 jobs.
Industries seeing growth included wholesale and retail trade (+41,000), transportation and warehousing (+30,000), information, culture and recreation (+25,000), and utilities (+7,600). Construction lost 15,000 jobs.
Youth employment rose by 21,000, lowering the youth unemployment rate to 14.1%.
Average hourly wages grew 3.5% year-over-year to $37.06.
Total actual hours worked edged down 0.2% due to labour disputes affecting an estimated 87,000 employees, particularly in Alberta amid a teachers’ strike and subsequent lockout.
Long-term unemployment remained steady at 21.3%.
StatCan’s report also highlighted household financial pressures, noting that 27.7% of Canadians lived in a household that found it difficult to meet essential expenses, down from 35.5% in October 2022. Younger adults and renters were more likely to experience financial difficulties than older adults and homeowners.