Canada sees huge October jobs surge

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That could have a big influence on the Bank of Canada’s next rate decision, scheduled to take place in December, with the economy seemingly still operating at an accelerated clip despite the central bank’s efforts to tap the brakes through rate hikes.

October’s huge jobs spike was comprised entirely of full-time employment gains across the goods and services sector, with wages rising on an annual basis for the fifth month in a row.

The report, which surveyed Canadians on their financial outlook, saw over one-third of respondents indicate that they were finding it either difficult or very difficult to meet their financial needs, with inflation currently outpacing wage growth across the country.

Wages increased by 5.6% in October compared with the same time last year – but that’s still below September’s 6.9% inflation rate, indicating that Canadians’ purchasing power is being further squeezed.

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