Economy added 35300 jobs last month, unemployment rate up: Statistics Canada

Economy added 35300 jobs last month, unemployment rate up: Statistics Canada

Economy added 35300 jobs last month, unemployment rate up: Statistics Canada

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

However, Montreal remains below previous years: unemployment was 7.2 per cent in October 2016 and 8.7 per cent in October 2015.

The US unemployment rate dropped to 4.1 percent in October while job creation resumed climbing after the two late-summer hurricanes.

When combined with August and September's job growth, estimates of which were revised up, data show the economy added jobs over the last three months at a pace of 162,000 a month.

In September, the USA shed 30,000 jobs - the first loss in seven years - as hurricanes Harvey and Irma held back hiring in Texas and Florida.

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"While one single jobs report will not sway the Bank of Canada, officials will no doubt be encouraged by the moderate wage uptick, and the robust private-sector and full-time job gains", Porter wrote in a note to clients.

Employers added 261,000 net new positions as businesses reopened in the wake of Hurricanes Harvey and Irma, although the rebound was much lower than economists had forecast.

The share of Americans participating in the labor force fell by 0.4 percentage point to 62.7% in October, the lowest reading since May.

"The bottom line is that slack in the labor market is receding but the hiring trend is slowing and wage gains remain muted". Still, the data probably does little to change expectations the Federal Reserve will raise interest rates next month.

Last month's acceleration in employment growth re-inforces the Fed's assessment on Wednesday that "the labour market has continued to strengthen and that economic activity has been rising at a solid rate despite hurricane-related disruptions".

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