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Canada Shed 68,300 Jobs in September; Unemployment Rises to 6.5%
Statistics Canada's September Labour Force Survey, released this morning, shows a net loss of 68,300 jobs — far worse than expected — with unemployment up to 6.5%.
Why it matters
This is the first full-month jobs report since the new round of US tariffs took effect, and the last set of employment data before the Bank of Canada's rate decision later this month. The miss was large: analysts polled by Reuters had forecast a gain of about 9,200 jobs.
Full report
Statistics Canada released the September Labour Force Survey today (Oct 9): net employment fell by 68,300, following a 41,700-job loss in August, wiping out all year-to-date job gains. The unemployment rate ticked up to 6.5% from 6.4%, and the participation rate fell to 64.8% — the lowest since December 1997 outside the pandemic.
Losses were concentrated in the public sector: educational services and health care & social assistance together lost 58,400 jobs; StatCan cited fewer international students as one reason for the decline in education. Manufacturing lost 12,700 jobs. Economists noted the tariff impact so far touches only a small slice of US-dependent jobs.
Markets reacted with a weaker Canadian dollar (USD/CAD around 1.4276) and Canadian two-year bond yields falling more than 8 basis points to about 3.20%. The Bank of Canada announces its rate decision later this month.
Source: Statistics Canada, Labour Force Survey, September 2026 (released Oct 9, 2026).
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