Data released earlier today from the Canadian economy showed a decrease in employment of 68,000 jobs in September, following a loss of nearly 41,000 jobs in August. This was contrary to expectations, which had anticipated an increase of approximately 6,000 jobs. Meanwhile, the unemployment rate rose by 0.1 percentage points to 6.5%, up from the expected 6.4%.

Specifically, employment declined in several sectors. The education services sector lost 35,000 jobs, the healthcare and social services sector lost 23,000 jobs, and the manufacturing sector lost 13,000 jobs.

Total hours worked in September increased by 2.3%, or $0.86, to $37.64 USD on an annualized basis, following a 2% increase in August.