The Canadian economy added 108,000 jobs in October, reversing much of the losses observed in recent months. In the latest labor force survey, Statistics Canada said on Friday that last month’s unemployment rate held steady at 5.2 percent as more Canadians looked for work. The job gains also come after four months of job losses or slight employment growth.

Similarly, employment increased across a wide range of sectors in October, led by manufacturing, construction, accommodation, and food services. For the fifth consecutive month, wages rose year-over-year compared to last year, with wages increasing by 5.6 percent in October. However, with the annual inflation rate reaching 6.9 percent in September, many Canadians have lost purchasing power over the past year.

Also, the report highlights that higher wage earners were more likely to receive wage increases over the past year compared to lower wage earners. Among workers who were employed with an employer in the past twelve months, nearly two-thirds of workers earning more than $40 per hour received a raise. In comparison, half of the workers earning less than $20 per hour experienced wage increases. The employment rate among Canadian immigrants aged 15 and over reached a record high in October at 62.2 percent.

With inflation this year reaching levels not seen in four decades, the report conducted a survey of Canadians about their financial situations, where more than one-third of Canadians said they find it difficult or very difficult to meet their financial needs. Two years ago, just over one-fifth of Canadians reported the same challenges. Additionally, workers in accommodation and food services, retail trade, and transportation and storage were among the most likely to report financial challenges, as wages in accommodation and food services as well as retail trade are below the national average and workers in these industries are more likely to be employed part-time.