BC unemployment rate remains in good shape

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

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.

There were 342,100 people employed by independent mortgage bankers and mortgage brokers during September, down from a revised 343,700 during August. The "leisure and hospitality" sector, however, added 106,000 jobs.

The data for September also turned out not be as bad as initially reported, with 18,000 new jobs created, rather than a loss of 33,000 positions, the first contraction in almost seven years. Industry-specific employment data lags national data by one month.

USA 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.




Despite adding jobs, Canada's unemployment rate increased to 6.3 per cent, up from 6.2 per cent in September. "The bottom-line is that slack in the labor market is receding but the hiring trend is slowing and wage gains remain muted".

The rate was down a tenth of a point from September, the lowest the USA economy had seen since December 2000. Still, the data probably does little to change expectations the Federal Reserve will raise interest rates next month.

The workforce grew by 4,700 people between September and October, as 1,000 jobs were lost. Chief Economist Mark Fleming in a press release.

"Home building, particularly housing starts, faces a number of headwinds at the moment, including access to buildable lots with the appropriate infrastructure, rising regulatory costs, increased building material costs and labor constraints", said Fleming.

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