Canada’s unemployment rate declines to 6.9% in October
Rock to Road
AI Article Summary
Canada's unemployment rate dropped to 6.9% in October, with employment rising by 67,000. Job gains were seen primarily among men aged 25-54 and youth aged 15-24, while the construction sector lost 15,000 jobs. Employment increased notably in Ontario and Newfoundland and Labrador, with modest wage growth observed year-over-year.
What This Means for Canadian Contractors
For Canadian builders, this means potential tightening in the labor market, especially as the construction sector experiences job losses. Contractors may face challenges in sourcing skilled workers, impacting project timelines and costs. Additionally, while some regions like Ontario see employment growth, resource allocation in areas with declining employment might require strategic adjustments.
