Canada's unemployment rate held steady last month, defying expectations of a slight uptick, according to data released on Friday.
Canada jobless rate unchanged in October
Statistics Canada reported that the jobless rate remained unchanged at 6.5% in October, matching the rate recorded in September. This was better than the anticipated rise to 6.6% projected by consensus estimates cited by FXStreet.
"Year-over-year, the unemployment rate increased by 0.8 percentage points in October, with an additional 193,000 people either looking for work or temporarily laid off," Statistics Canada noted.
Hourly wages increased
Meanwhile, average hourly wages saw an annual increase of 4.9%, up from a 4.6% rise in September, indicating a faster pace of wage growth.
