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

04 November 2017, 12:58 | Melanie Burgess

US non-farm payrolls rise by 261000 as jobs market rallies after hurricanes Harvey and Irma

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

United States 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. Information, culture and recreation industries added 15,300 jobs.

The falling unemployment rate was likely to sharpen debate among Federal Reserve policymakers, who appear likely to raise the benchmark United States interest rate next month despite doggedly low inflation which a vocal minority argues should keep the Fed on hold. Markets had expected the unemployment rate to remain unchanged.

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 data agency said 18,000 more youths, aged 15 to 24, were employed in October, with all of the growth in full-time work.

Despite adding jobs, Canada's unemployment rate increased to 6.3 per cent, up from 6.2 per cent in September. Still it is the second time since July that nonbank mortgage employment was down from the previous month.

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

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But at 4.1 per cent the unemployment rate is now at lows unseen since December 2000.

In its rate decision and quarterly forecast released last week, Canada's central bank said modest wage gains and a below-average level of hours worked suggest there is still "some excess capacity" in the labor market.

Nonfarm payrolls increased by 261,000 jobs last month as 106,000 leisure and hospitality workers returned to work, the Labour Department said in its closely watched employment report yesterday.

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



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