USA job growth surges, nonfarm payrolls goes up

Randall Padilla
November 4, 2017

The leisure and hospitality industry was hardest hit by the hurricanes in September, shedding 111,000 jobs.

The Canadian economy added a net 35,300 jobs in October on a seasonally adjusted basis, Statistics Canada said Friday. Information, culture and recreation industries added 15,300 jobs.

Unemployment was 6.7 per cent during the month, up from 6.5 per cent in September.

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.

More employers say positions are increasingly hard to fill amid a scarcity of skilled workers.

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.

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

The provincial unemployment rate was 6.1 per cent, compared with 6 per cent in September.

The unemployment rate fell to near a 17-year low of 4.1 per cent because people left the labour force. When using U.S. Labor Department methodology, Canada's jobless rate in October was 5.2%.

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

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.

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.

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