10/13/2026
Your Bi-Weekly Economic Update!
Canadaโs labour market weakened again in September, with employment falling by 68,300 jobs and the unemployment rate increasing to 6.5%. This follows another decline in August and adds to concerns about the strength of the Canadian economy. The latest job numbers may influence the Bank of Canadaโs upcoming rate decision on October 28.
Albertaโs economy is showing more resilience than the national employment picture. The province added 23,100 jobs in September, bringing employment growth to 2.9% compared with a year ago, with the unemployment rate at 6.4%. Stronger employment and continued activity in energy, manufacturing and construction are supporting the provincial outlook, although uncertainty around trade and global economic conditions remains.
With the next Bank of Canada announcement approaching, borrowers may be watching closely for clues about where rates are headed. However, the Bankโs decision is only one part of the picture. Fixed rates are influenced by bond yields, while variable rates are more directly connected to changes in the Bank of Canadaโs policy rate.
