Canada: Unemployment rate rises to 6.7% in October
Key Facts
This release — October 2026
| Indicator | Actual | Forecast | Previous | Revised | Unit |
|---|---|---|---|---|---|
| Unemployment Rate | 6.7 | 6.5 | 6.5 | — | % |
| Employment Change | −4.7 | 13.6 | −68.3 | — | K |
| Part Time Employment Chg | 13.4 | 7.0 | −32.9 | — | K |
| Participation Rate | 64.8 | 64.9 | 64.8 | — | % |
| Full Time Employment Chg | −18.1 | 7.0 | −35.4 | — | K |
Unemployment Rate — last 13 prints
| Period | Released | Actual | Forecast |
|---|---|---|---|
| October 2026 | Nov 6, 2026 | 6.7% | 6.5% |
| September 2026 | Oct 9, 2026 | 6.5% | 6.5% |
| August 2026 | Sep 4, 2026 | 6.4% | 6.4% |
| July 2026 | Aug 7, 2026 | 6.4% | 6.5% |
| June 2026 | Jul 10, 2026 | 6.5% | 6.6% |
| May 2026 | Jun 5, 2026 | 6.6% | 6.9% |
| April 2026 | May 8, 2026 | 6.9% | 6.7% |
| March 2026 | Apr 10, 2026 | 6.7% | 6.8% |
| February 2026 | Mar 13, 2026 | 6.7% | 6.6% |
| January 2026 | Feb 6, 2026 | 6.5% | 6.8% |
| December 2025 | Jan 9, 2026 | 6.8% | 6.6% |
| November 2025 | Dec 5, 2025 | 6.5% | 7.0% |
| October 2025 | Nov 7, 2025 | 6.9% | 7.1% |
Source: EL7 economic calendar data; the forecast is the consensus recorded when the print landed.
Canada’s unemployment rate rose to 6.7% in October 2026 from 6.5% in September, an increase of 0.2 percentage points. The reading exceeded the 6.5% forecast.
Employment fell by 4.7 thousand jobs in October, against expectations for an increase of 13.6 thousand, while the pace of job losses eased compared with September. Full-time employment declined by 18.1 thousand jobs, while part-time employment increased by 13.4 thousand. The labor force participation rate held steady at 64.8%, below the 64.9% forecast.
Beneath the flat headline, private-sector employees fell by 53,000 (−0.4%) in October, the first decline since February, while the public sector added 50,000 (+1.1%) after four consecutive monthly declines. Employment fell in wholesale and retail trade (−29,000), with gains in construction (+16,000) and educational services (+15,000); the employment rate fell 0.1 percentage points to 60.5%.
Rising unemployment and continued job losses, particularly in full-time positions, suggest weak demand for labor despite the slower pace of decline. This could constrain wage bargaining power and weigh on household income growth and spending. The picture could strengthen the case for monetary easing by the Bank of Canada, while the interest rate path remains dependent on inflation and economic activity.