OTTAWA – Statistics Canada is set to release its October labour force survey this morning.
RBC says it expects the economy added a modest 15,000 jobs last month, and that the unemployment rate ticked higher to 5.6 per cent.
Strong population growth has bolstered Canada’s labour force, but the pace of job creation is trailing.
The Bank of Canada’s aggressive interest rate hikes have dampened economic growth this year as people and businesses pull back on spending.
Economists are watching for more evidence that this economic softness is spilling over into the labour market.
The unemployment rate has risen by half a percentage point so far this year to 5.5 per cent and is expected to continue rising.
This report by The Canadian Press was first published Nov. 3, 2023.
