A heavy week of jobs data lies ahead for the United States, capped by the October employment report from the Bureau of Labor Statistics on Friday, November 6. Forecasters surveyed by Bloomberg expect the report to show monthly job growth more than doubled in October, to 65,000, while the unemployment rate remained steady at 4.2%. Other previews put the consensus lower, at around 55,000 — a reminder that these are forecasts, not released data.
A pickup of that size would leave the Federal Reserve on track for additional interest-rate increases in the months ahead to combat inflation. The Fed held rates at 3.75%-4.00% last week, and two officials actually wanted a hike. A strong jobs report on Friday would strengthen the case for a December increase; a weak one would raise growth fears instead.
The week in jobs data
The calendar builds through the week. Manufacturing figures arrive on Monday and are expected to show factory activity was robust again in October. A monthly report on job openings, due on Tuesday, is expected to show listings ticked higher in September, and economists will scrutinize layoffs and quitting. Weekly jobless claims figures out Thursday are seen remaining near the lowest levels in decades, and a productivity report the same day is forecast to show a 2.6% boost in the third quarter, the biggest in a year. Then comes Friday’s payrolls report — the number markets care about most.
September set a low bar: payrolls rose just 29,000, and the unemployment rate rose to 4.2% from 4.1%. Bloomberg Economics describes the underlying picture as a “low-hire, low-fire labour market” that is “losing momentum, but not breaking” — job losses slowly climbing, but jobless claims not yet showing mass layoffs building.
Canada: jobs and a budget in the same week
Canada reports its own October jobs numbers on Friday as well. Economists expect the unemployment rate to have remained roughly unchanged at 6.5% after Canada shed 68,300 jobs the previous month, pointing to a soft labour market. A day earlier, on Thursday, November 5, Finance Minister François-Philippe Champagne tables Canada’s 2026 federal budget — the second under Prime Minister Mark Carney — with stated priorities of attracting investment, creating jobs and strengthening the economy. No spending or tax details have been announced yet.
Why this week matters
This is the first full jobs week after the Fed’s latest decision, and it lands in midterm election week, with Americans voting on Tuesday, November 3. Together, the payrolls report, the Canadian budget and the election result will shape expectations for interest rates, government spending and household finances into December. The jobs numbers are forecasts until Friday — what matters is whether the actual report confirms the pickup economists expect, or breaks the other way.
Frequently asked questions
When is the US October jobs report released? On Friday, November 6, 2026, by the Bureau of Labor Statistics.
What are forecasters expecting? Bloomberg-surveyed forecasters expect job growth of 65,000 in October, more than double September’s 29,000, with unemployment steady at 4.2%. Other previews put consensus near 55,000.
When is Canada’s budget? Thursday, November 5, 2026, tabled by Finance Minister François-Philippe Champagne. Canada’s October jobs report follows on Friday, November 6.
