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lakeelmoleader.com November 22, 2017


U.S. unemployment rate falls to 4.1 per cent, lowest in 17 years

04 November 2017, 12:56 | Frank Carlson

US unemployment rate falls to 4.1 per cent, lowest in 17 years

FSMNews

While Quebec added more jobs than any other province, 18,000, this was offset by an increase in the number of people looking for work. Information, culture and recreation industries added 15,300 jobs.

The sharp moderation in job growth in September was blamed on hurricanes Harvey and Irma, which devastated parts of Texas and Florida in late August and early September, leaving workers, mostly in lower-paying industries such as leisure and hospitality, temporarily unemployed.

In addition, according to analysis from Mark Fleming, Chief Economist at First American, despite overall declines in unemployment, in sectors like homebuilding are still facing labor constraints.

The Canadian employment report "points to continued gradual tightening in the labor market and supports our call for a more hawkish stance by the Bank of Canada and another [rate] hike in January", said strategists at TD Securities in a note to clients.

The agency said the number of full-time positions swelled by 88,700, while part-time employment dropped by 53,400 jobs.

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US labor reports for October were released Friday, and the numbers were slightly better than what was initially expected.

The U.S. unemployment rate, calculated by a survey of households, fell to 4.1%, its lowest level since December 2000.

Wages failed to break out, rising 2.4% from a year earlier, a slowdown from last month.

The robust employment report comes as growth slows in Canada after a stellar 12-month run that positioned Canada as the top-performing economy among the Group of Seven. Economists had predicted the wage rate would rise by 0.2 percent.

Alberta added 11,900 jobs last month, dropping the provincial unemployment rate from 7.9 to 7.8 per cent.



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