Canada unemployment rate rises to 6.7% as October hiring stalls

Canada's unemployment rate rose 0.2 percentage points to 6.7% in October while employment was essentially unchanged, a labour report that lands just over a week after the Bank of Canada raised its policy rate to 2.5%. The combination is the central tension of the Canadian macro picture heading into the final BoC decision of 2026: a bank that is hiking into a labour market that is losing momentum.

Key Takeaways Canada's unemployment rate rose 0.2 percentage points to 6.7% in October, the second consecutive monthly increase, Statistics Canada reported. Employment was little changed at negative 4,700 (0.0%) after declines of 68,000 in September and 42,000 in August, leaving three straight months…