Despite adding 60,400 jobs in September, Governor Tiff Macklem said Canada’s labour market remains “soft,” with unemployment up to 7.1%.

He noted weak hiring and lingering uncertainty, saying recent gains only partially offset earlier job losses across key sectors.
The Bank of Canada expects about 1% near-term growth — below potential — as consumption cools and business investment remains sluggish.
Markets boosted expectations for an October rate cut following Macklem’s remarks, reflecting growing anticipation of policy easing ahead.