Data released earlier today from the Canadian economy shows the addition of approximately 67,000 jobs in October, the second-largest monthly increase after the addition of 60,000 jobs in September. This figure defied expectations, which had predicted a decline of around 5,000 jobs. Meanwhile, the unemployment rate fell to 6.9% from 7.1% in September, matching forecasts.

Specifically, employment declined in several sectors, led by wholesale and retail trade with a loss of 41,000 jobs, transportation and storage with a loss of 30,000 jobs, and information, culture, and entertainment with a loss of 25,000 jobs. The construction sector also lost 15,000 jobs.

Average hourly earnings rose by 3.5%, or $1.27, to $37.06 year-over-year, following a 3.3% increase in September.