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Canada Labour Force Survey (Oct.)

The more modest rise in employment and essentially unchanged hours worked in October suggest that labour demand is easing gradually, and the 0.2%-pt rise in the unemployment rate shows that the broader labour market is loosening more rapidly. That now seems to be driving down wage pressures and, along with the data earlier this week implying that GDP contracted again last quarter, suggests that inflationary pressures with ease faster than the Bank of Canada currently expects.

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