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Statistics Canada to release October jobs report today

Honda employees work along the vehicle assembly line in Alliston, Ont., on Thursday, April 25, 2024. Statistics Canada is set to release its October labour force survey this morning, shedding light on employment trends and wage growth last month. THE CANADIAN PRESS/Nathan Denette

By Nojoud Al Mallees, The Canadian Press

Posted November 8, 2024 4:00 am.

Last Updated November 8, 2024 7:07 am.

Statistics Canada is set to release its October labour force survey this morning, shedding light on employment trends and wage growth last month.

RBC is forecasting the economy added a modest 15,000 jobs and the unemployment rate to have ticked back up to 6.6 per cent.

The jobless rate declined slightly to 6.5 per cent in September.

The Canadian job market has loosened significantly as high interest rates have restrained economic growth.

The Bank of Canada, which lowered its policy interest rate by 1.25 percentage points since June, now says it wants to see the economy rebound.

RBC says it expects the unemployment rate to reach seven per cent next year, before trending lower again.

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