Canada's Payrolls Report Has Good, Bad News, Says BMO

07:01 AM EST, 11/28/2025 (MT Newswires) -- Canada's 'other' jobs report (SEPH), based on company payrolls rather than household responses, showed a net loss of 58,000 positions in September, more than wiping out gains from the previous two months, said Bank of Montreal (BMO).

Leading the decline -- after education services -- was a 10,000 drop in manufacturing, which has shed positions every month this year and across most industries, not

just those facing high United States tariffs, noted the bank.

The factory layoffs align with the extended and broad slump in production. Of the net 37,000 decline in total

payrolls this year, manufacturing has led the way down (-37,000), followed by retail (-18,000), with a partial offset from health care (+46,000), pointed out BMO.

On a brighter note, job vacancies rose for the first time in 1.5 years in September, by a "sizeable" 25,495, stated the bank.

In addition, the household survey reported a large 66,600 increase in employment last month. To boot, manufacturing contributed to both increases.

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