Canada witnessed a decrease of 68,000 jobs in September, as reported by Statistics Canada. This marks the second consecutive month of job losses, with the unemployment rate climbing to 6.5 percent. The majority of the decline was observed among individuals aged between 15 to 24, accounting for 48,000 lost jobs, according to the data agency.
Contrary to expectations, a Reuters poll of economists anticipated an addition of 9,200 positions in September. This decline follows a previous loss of 42,000 jobs in August, which caught economists off guard and ended a positive trend in the labor market.
The upcoming jobs data will provide the Bank of Canada with crucial insights into the labor market ahead of its next interest rate decision scheduled for Oct. 28.