Markets

Windsor unemployment rate up in October to 6.9%

Windsor unemployment rate up in October to 6.9%

The industry has added 17,500 jobs since September 2016.

It's not the headline number the market was expecting - some had pegged Friday's figure at 400,000 - but it nonetheless shows steady growth; an average gain of 139,000 jobs in the last two months.

Despite adding jobs, Canada's unemployment rate increased to 6.3 per cent, up from 6.2 per cent in September.

September was the second month of disappointing growth in the USA jobs market.

The BLS reports that the employment increase between September and October was especially sharp in food services and drinking places, which added 89,000 jobs, after losing 98,000 jobs in September when many workers were off payrolls due to the hurricanes.

Since January, unemployment in the U.S. has fallen by seven tenths of a percentage point, and more employers say positions are increasingly hard to fill amid a scarcity of qualified labor.

The Canadian employment report "points to continued gradual tightening in the labor market and supports our call for a more hawkish stance by the Bank of Canada and another [rate] hike in January", said strategists at TD Securities in a note to clients.

The unemployment rate in the Montreal region rose slightly in October, Statistics Canada said on Friday. Futures were little impacted by the data, which also showed the unemployment rate dip to 4.1% from 4.2%, hitting the lowest level since December 2000.

But economists said the hurricanes distorted wage calculations, with average compensation rising in September because fewer hourly laborers were able to work, and then falling as they returned to their jobs.

Additionally, wages rose from the same time previous year by 2.4 percent but slowed somewhat from last month.


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