Statistics Canada released the labour market data today. Canada's unemployment rate fell to 6.5% in October from 6.8% in September. That was the lowest level since November 2008.

Analysts had expected the unemployment rate to remain unchanged at 6.8%.

The number of employed people increased by 43,100 in October, exceeding expectations for a gain of 400, after a 74,100 rise in September.

Full-time jobs climbed by 26,500 in October, while part-time positions increased by 16,500.

Retail and wholesale trade, finance, insurance and real estate and manufacturing added jobs, while public administration and natural resources lost jobs.