Canada’s economy added 21,000 jobs last month but the country had 92,000 fewer people working than in May after a summer of ebbing employment, Statistics Canada reported. The unemployment rate dipped to 5.2 per cent, down 0.2 points, but the main reason for that was fewer jobless people reported looking for work. (The Logic)

Talking point: Average hourly wages rose 5.2 per cent in September, versus the year before, suggesting workers are continuing to lose ground against inflation (the September figures take longer to calculate but in August prices were up seven per cent versus August 2021). Bank of Canada governor Tiff Macklem said Thursday that the economy is still overheated so the central bank will further increase its key interest rate to make borrowing and spending less attractive; the next rate decision is due Oct. 26. In other words, workers with debt can expect their finances to keep getting worse before they get better.