Unemployment Rate Falls to Lowest Point Since December 2000

04 November, 2017, 01:24 | Author: Lora Ball
  • FSMNews

While Quebec added more jobs than any other province, 18,000, this was offset by an increase in the number of people looking for work. Employment rebounded particularly strongly in bars and restaurants, adding 89,000 jobs in October following September's decline of 98,000 positions in the same sector.

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 gain in jobs came amid expectations that the economy has slowed from the torrid pace it set in the first half of the year. Chief Economist Mark Fleming in a press release.

Duncan continued, "One silver lining was the large drop in the broadest measure of labor underutilization, U-6, to 7.9 percent, matching the lowest rate of the last expansion". The leisure and hospitality industry was hardest hit by the hurricanes in September, shedding 111,000 jobs. The consensus call among traders was for a 15,000-job advance, according to economists at Royal Bank of Canada.

More news: Colorado Police Searching For Scott Ostrem After Walmart Shooting Leaves 3 Dead

Offsetting those gains, the wholesale and retail trade sector lost 35,900 positions. Manitoba added 4,000 jobs and Newfoundland and Labrador rose by 3,400.

That was the largest gain since July previous year, but was below economists' expectations for an increase of 310,000 jobs.

The falling jobless rate is likely to sharpen the debate among Federal Reserve policymakers, who appear set to raise the benchmark interest rate next month despite stubbornly low inflation. Prices of exports fell 0.6 per cent, while volumes grew 0.3 per cent.

Prices of imports fell 1.5 per cent, but volumes increased 1.3 per cent.

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