Canada39;s economy adds 14,500 jobs in October
Wages of permanent employees rise by 4.9
Unemployment rate stays unchanged at 6.5
Market bets for 50 bps rate cut next month drops

OTTAWA, Nov 8 Reuters Canada added a fewerthanexpected 14,500 jobs in October and wages of permanent employees rose, data showed on Friday, as the economy struggled to absorb the slack built up due to a rapidly increasing population amid rising wages.

The unemployment rate stayed unchanged from September but hovered around a 34month high of 6.5, Statistics Canada said.

Analysts polled by Reuters had estimated a net addition of 25,000 jobs and the unemployment rate to edge up to 6.6.

Canada39;s business investment and hiring have been muted even after four rounds of rate cuts as high interest rates and inflation have throttled demand, even as the labor force has continued to grow, fueled by record immigration.

This has increased the number of people in the labor force seeking jobs and not landing any, resulting in a steady fall in the employment rate, or the number of people employed out of the total labor force.

Canada39;s labor force has swelled by 2.4 since last year, flooding the economy with workers, but the employment rate has consistently shrunk with October showing a further decline to 60.6 from 61.9 a year ago, pushing joblessness high.

Bank of Canada Governor Tiff Macklem said last month after the rate cut decision that layoffs had remained modest but business hiring had been…