The Canadian economy lost 4,700 jobs in October as unemployment rate ticked up to 6.7%. The loss of a few thousand jobs last month follows big back-to-back job losses in August and September. Economists polled ahead of data release expected economy would add 13,600 jobs. The Canadian Press · Posted: Nov 06, 2026. Job applicants line up for a chance to interview at the CNE job fair. Social Sharing. The unemployment rate rose to 6.7 per cent in October, as Statistics Canada says more people were looking for work. That figure is up from 6.5 per cent in September and came alongside a loss of 4,700 jobs. The loss of jobs in October follows big back-to-back job losses in August and September. Economists polled by Reuters ahead of the release expected a gain of 13,600 jobs for October and for the unemployment rate to remain unchanged. Canadian economy lost 68,000 jobs in September, marking second straight month of surprise declines. CIBC senior economist Andrew Grantham says the trend of job losses in recent months suggests there’s some slack in the Canadian economy. While the Canadian Labour Force Survey is notoriously volatile, three monthly declines in a row is a trend that is hard to ignore. Private sector employment fell by 53,000 positions in October, marking the first decline in the segment since February. On the flip side, the number of public employees rose by 50,000. On a year-overall basis, private sector jobs are still up while the public sector is down. Unemployment among the core aged workforce held steady. But unemployment among people aged 15 to 24 rose by 0.7 percentage points, to 13.7 per cent. Young workers have faced a generally tough labour market in recent years. Statistics Canada said the unemployment rate was higher for students compared with youth not attending school. Employment in the wholesale and retail trade industry has trended down over the past year and the sector led losses in October, shedding 29,000 roles. Could this Canadian jobs loss raise unemployment further? The October loss follows recent declines, suggesting some slack in the economy.