Wednesday, 22 November, 2017

Thomas jobless rate jumps to 6.3% in October

FSMNews US unemployment rate falls to 4.1 per cent, lowest in 17 years
Heather Davidson | 04 November, 2017, 00:55

Nationally, Statistics Canada says the economy added 35,000 jobs in October but the unemployment rate crept higher, with more young people looking for work.

The American jobs market rebounded last month after hurricanes Harvey and Irma dampened employment growth in September, keeping the Federal Reserve on course to raise interest rates next 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. Information, culture and recreation industries added 15,300 jobs.

The unemployment rate is now 6.9 per cent, up from September's number by 1.1 per cent.

Full-time employment in October increased by a robust 88,700 positions, following a 112,000-gain in the previous month - or the strongest two-month gain in this category in over four decades.

Since January of this year, unemployment in the USA has decreased by seven tenths of a percentage point.

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

The unemployment rate ticked down to 4.1%, its lowest level since December 2000. When using U.S. Labor Department methodology, Canada's jobless rate in October was 5.2%. The country's gross domestic product unexpectedly shrank in August on a month-over-month basis, and the Bank of Canada expects annualized growth in the third quarter to come in below 2% after a 4.5% surge in the second quarter.

The October report was "underwhelming", Fannie Mae Chief Economist Doug Duncan said in a press release. Economists had predicted the wage rate would rise by 0.2 percent.

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

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