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Canada Adds Fewer Jobs Than Expected in October; Unemployment Rate Holds Steady
Canada’s job market showed signs of slowing down in October, as the country added fewer jobs than anticipated. According to Statistics Canada, the national unemployment rate remained unchanged at 6.5%.
The economy saw a modest increase of 15,000 jobs last month, falling short of economists’ expectations. This modest gain reflects ongoing challenges in the labor market, influenced by high interest rates and economic uncertainties.
Despite the job additions, the unemployment rate held steady, indicating that the labor market is still grappling with balancing job creation and economic pressures. The Bank of Canada has been closely monitoring these trends, especially as it aims to foster economic growth following recent interest rate cuts.
As the country navigates these economic conditions, the focus remains on creating sustainable employment opportunities and supporting workforce stability.
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