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undergroundnewsroom.com November 21, 2017


Unemployment rates in Montreal, Quebec rise slightly in October

04 November 2017, 12:54 | Gordon Grant

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

FSMNews

The BLS reports that the employment increase between September and October was especially sharp in food services and drinking places, which added 89,000 jobs, after losing 98,000 jobs in September when many workers were off payrolls due to the hurricanes. The industry has added 17,500 jobs since September 2016.

USA job growth accelerated last month after hurricane-related disruptions hurt employment in September, but there were signs that labour market momentum was slowing as annual wage gains sharply retreated.

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.

The unemployment rate edged down by 0.1 percentage point to 4.1% in October, and the number of unemployed decreased by 281,000 to 6.5 million, the BLS report said.

At the same time Friday, the US released its October employment report, which indicated nonfarm payrolls rose by a seasonally adjusted 261,000.

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Economist Andrew Wishart at Capital Economics said the recent rise in oil prices was the cause of input prices picking up. Manufacturing production rose for the 14 month running in September.

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The jobless rate fell to 4.1 percent, down a tenth of a point from September, the lowest the USA economy has seen since December 2000. And a broad measure of unemployment that includes Americans stuck in part-time jobs or too discouraged to look for work fell to 7.9%, matching its lowest level since 2006.

The October report was "underwhelming", Fannie Mae Chief Economist Doug Duncan said in a press release.

The Bank of Canada raised its key interest rate target twice this year, but kept it on hold at its most recent rate decision as it predicted growth would slow in the second half of the year.

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



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