Unemployment rates in Montreal, Quebec rise slightly in October

Unemployment rates in Montreal, Quebec rise slightly in October

Unemployment rates in Montreal, Quebec rise slightly in October

September's payrolls data, initially reported as the first drop in seven years, were revised to show employers actually created 18,000 new jobs that month, extending the economy's streak of job gains to a record 85 straight months.

That's one per cent less than where it was in October 2016.

Toronto's unemployment rate fell from 6.1 per cent in September to 5.8 per cent in October.

Nonfarm payrolls increased by 261,000 jobs last month as 106,000 leisure and hospitality workers returned to work, the Labour Department said in its closely watched employment report yesterday.

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

Mark Zandi, chief economist of Moody's Analytics, which helps compile the report, said: "The job market rebounded strongly from the hit it took from Hurricanes Harvey and Irma". Prices of exports fell 0.6 per cent, while volumes grew 0.3 per cent. "The bottom-line is that slack in the labor market is receding but the hiring trend is slowing and wage gains remain muted". Still, the data probably does little to change expectations the Federal Reserve will raise interest rates next month.

The strength in the jobs market provides further impetus for the Fed... Officials have penciled in one more move for 2017 if the economy stays on track, and the Fed has one more meeting scheduled before the end of the year, on December 12-13.

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