Windsor unemployment rate up in October to 6.9%


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

According to Doug Duncan, Chief Economist at Fannie Mae, the employment situation summary is underwhelming-as the much-anticipated rebound in October nonfarm payroll was less than market expectations at 261,000.

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

The unemployment rate in western Alberta held steady at 5.8 per cent last month.

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Additionally, flat average hourly earnings brought annual wage growth to 2.4 percent, a four-tenths payback from the solid gain of the prior month, when the hurricanes prevented many low-wage employees from working.

Unemployment fell to a 17-year low of 4.1 per cent in October, although the decline was mainly because the labour force shrank by 765,000.

Regionally, Quebec posted the largest increase with a gain of 18,400 jobs, while Alberta added 11,900.

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The picture was distorted for a second straight month by the impact of Hurricane Harvey, which hit Texas in late August, and Irma, which hit Florida in early September. The leisure and hospitality sector added 106,000 jobs after losing 102,000 in September.

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

This new batch of Canadian jobs data might offer some comfort to the Bank of Canada, which contends that slack remains in the labor market due to tepid wage gains and other factors.

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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.

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