Unemployment Rate Falls to Lowest Point Since December 2000

04 November, 2017, 01:22 | Author: Martin Tyler
  • US unemployment rate falls to 4.1 per cent, lowest in 17 years

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.

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

When it was reported last month, the net loss broke a almost seven-year run of consecutive months with job gains.

Compared with a year ago, employment was up by 308,100 jobs as the number of full-time jobs increased by 396,800 and the number of part-time positions fell by 88,700.

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The robust employment report comes as growth slows in Canada after a stellar 12-month run that positioned Canada as the top-performing economy among the Group of Seven.

The Labor Department also revised its figures for the month of September to show an increase of 18,000, as opposed to a loss of 33,000 jobs. Job creation for that month had initially been estimated at 156,000 and then 169,000 jobs.

But economists said the hurricanes distorted wage calculations, with average compensation rising in September because fewer hourly laborers were able to work, and then falling as they returned to their jobs. "But this report doesn't show any relief from pretty anemic wage growth".

Among major Canadian cities, only Calgary and Edmonton had higher unemployment rates, at 8.3 and 8.2 per cent respectively.

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The Federal Open Market Committee did not raise short-term rates following its most recent meeting on November 1.

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

It defines that group of people: "Discouraged workers are persons not now looking for work because they believe no jobs are available for them".

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