Canadian employment increased by 0.3 per cent from the previous month, gaining 60,000 jobs to 21.015 million in September. The employment rate rose by 0.1 points to 60.6 per cent, while the unemployment rate remained unchanged at 7.1 per cent. Average hourly wages rose 3.3 per cent year-over-year to $36.78 last month.
           
Employment in B.C. rose by 0.3 per cent to 2.944 million, gaining 7,800 jobs in September. Employment in Metro Vancouver increased by 0.8 per cent to 1.691 million. The unemployment rate in B.C. increased by 0.2 points to 6.4 per cent in September. Meanwhile, Vancouver's unemployment rate fell by 0.2 points to 6.2 per cent in the ninth month of the year. 

While September’s jobs report marks a moderate rebound, the Canadian labour market remains weak following a loss of over 100,000 jobs from previous months. Overall, net employment growth has been largely flat since January, and the national unemployment rate remains at its highest level since May 2016 (excluding pandemic years). Therefore, this report, albeit positive, is unlikely to sway the Bank of Canada in its decision during its October meeting. Nonetheless, financial markets still favour one more rate cut this year, as the Bank seeks to address underlying economic weakness as the inflationary risks of tariffs subside.