Economy

Canada Adds 60,400 Jobs; Loonie Edges Up as Rate‑Cut Odds Ease

September jobs rose by 60,400 while unemployment stayed at 7.1%. The Canadian dollar traded near 1.40 per U.S. dollar after touching a six‑month low of 1.4034. Oil settled at $58.90 (‑4.2%).

📅 Oct 10, 2025 • Source: Reuters

What changed today

Statistics Canada reported a net gain of 60,400 jobs for September and a steady 7.1% unemployment rate. Ahead of this, the Bank of Canada lowered its policy rate by 25 bps to 2.50% in September. Further rate‑cut odds for October 29 were trimmed from 72% to ~50% after the release. For background on recent decisions and labor data, see our Bank of Canada coverage and June employment report.

Through the session the Canadian dollar stayed around 1.40 per U.S. dollar after hitting a six‑month low at 1.4034. Oil prices settled at $58.90 (‑4.2%), coinciding with eased risk premium amid progress on a Gaza ceasefire. For inflation trends and wage context, refer to Canada inflation tracker and Ontario minimum wage piece.

Why markets reacted this way

Full‑time roles drove the September increase across multiple industries while youth unemployment reached 14.7%. Manufacturing recorded a gain and wages for permanent employees were reported up 3.6% y/y. For trade‑policy backdrop and sector context, see biofuel & tariffs brief and auto pricing coverage.