This report does not constitute a rating action. SAN FRANCISCO (S&P Global Ratings) Nov. 2, 2026--S&P Global Ratings expects U.S. nonfarm payrolls to rise by 60,000 in October and the unemployment rate to hold at 4.2%. In Canada, we expect employment to rebound by 15,000 after a combined loss of 110,000 jobs in August and September. Canada's unemployment rate will likely hold steady at 6.5%. Both labor markets appear to be stabilizing, but Canada's recovery looks much more fragile. Our expectation for nonfarm payrolls to rise by 60,000 in October would follow a surprisingly weak gain of 29,000 in September. It would also be about double our estimated break-even pace of roughly 30,000 jobs per month, enough to absorb new
