Hiring Rebounds in October, Unemployment Rate Falls to 4.1%

FSMNews

Unemployment levels dropped to 4.1 percent, the lowest since December 2000 - though this was partly due to a decrease in labor force participation by 765,000 people.

Non-farm payrolls grew by 261,000 jobs, the most in about three years, but fewer than the 310,000 that economists had expected, the Department of Labor's employment situation report showed.

In September, the United States shed 30,000 jobs - the first loss in seven years - as hurricanes Harvey and Irma held back hiring in Texas and Florida.

London's unemployment rate rose to 6.3 per cent in October, up from 5.5 per cent the month before.

It added a recent decline in the jobless rate to a postcrisis low "likely overstates the degree of improvement" in the jobs market.

However, Montreal remains below previous years: unemployment was 7.2 per cent in October 2016 and 8.7 per cent in October 2015.

The gain in jobs came amid expectations that the economy has slowed from the torrid pace it set in the first half of the year. All of the net new jobs added in October were in the private sector and of the full-time variety, which tend to offer higher pay and steady benefits compared with part-time work.

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.

October's report comes two days after the Federal Reserve held short-term interest rates steady at its last policy meeting, but suggested it remained on course to lift them before year's end given the economy's "solid" growth rate. A tighter labor market should lead to better paychecks and ultimately stoke consumer inflation.

In October, 6.52 million workers who wanted a job couldn't find one.

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