The unemployment rate rose to 6.7% in October, worse than calls for no change…

… as full-time job loss outweighed part-time gains, driving 46K of cumulative losses YTD.

At the industry level, a 29K outflow in wholesale and retail trade was offset by strength in construction, education, and health care…

… while at the provincial level, losses were concentrated in Alberta and Ontario - with gains in British Columbia and Quebec moderating the impact.

With unemployment already elevated, we’ve been following other measures of labour market health like vacancies (not moving) and the job-finding rate - which sits well below the long-term average at ~19%…

… and could translate to further downside in workforce participation if we don’t see improvement soon (already at ‘97 lows).

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