Canada Employment Climbs in October on Full-Time Surge

FSMNews

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

The unemployment rate fell to near a 17-year low of 4.1 per cent because people left the labour force.

September's payrolls data, initially reported as the first drop in seven years, were revised to show employers actually created 18,000 new jobs that month, extending the economy's streak of job gains to a record 85 straight months.

In Ontario, employment was virtually unchanged in October, while the unemployment rate increased 0.3 percentage points to 5.9 per cent as more people searched for work.

And even with the 90,000 upward revisions in the hurricane-affected months, the average monthly job gain for the last three months came in at 162,000-a slowdown from the year-to-date monthly average gain through July of 171,000.

Both the national and provincial unemployment rates rose slightly compared to last month's numbers, but is well below Windsor's increase.

That was the largest gain since July previous year, but was below economists' expectations for an increase of 310,000 jobs.

Hiring during September in all industries was affected by Hurricanes Harvey and Irma, the BLS said in last month's release. The leisure and hospitality sector added 106,000 jobs after losing 102,000 in September.

According to the October jobs report, the "travel arrangement and reservation services" sector, which the BLS counts under "professional and business services", lost approximately 1,000 jobs from September to October.

This new batch of Canadian jobs data might offer some comfort to the Bank of Canada, which contends that slack remains in the labor market due to tepid wage gains and other factors. Officials have penciled in one more move for 2017 if the economy stays on track, and the Fed has one more meeting scheduled before the end of the year, on December 12-13.

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