The Canadian Statistics Agency reported that the unemployment rate in Canada remained unchanged in October at 6.5%, and job growth did not see significant changes compared to the previous month, with the economy adding only 14,500 jobs, which is less than the expectations that indicated a greater increase. Full-time employment saw an increase, particularly in sectors such as business, construction, and support services, while there was a decline in sectors such as finance, insurance, real estate, and public administration.

According to the data, total hours worked rose by 1.6% year-on-year, and the average hourly wage increased by 4.9% compared to the same period last year, reaching $35.76 per hour. The youth employment rate also saw an increase for the first time since April, despite a decline of 2.7 percentage points compared to last year.

Regarding the Bank of Canada's interest rate outlook, economist Avery Shenfeld noted that the report did not provide conclusive evidence for the need for a significant rate cut, indicating that the decision will depend on further economic indicators in the coming period. Nevertheless, there is a tendency towards a reduction of 50 basis points.

Recent statements from the Governor of the Bank of Canada, Tiff Macklem, indicated that layoffs in the country were still limited, but corporate hiring was weak, especially among youth and newcomers. With the continued decrease in interest rates, Macklem hopes that the economy will be stimulated and new job opportunities will be created.