Windsor unemployment rate up in October to 6.9%

Windsor unemployment rate up in October to 6.9%

Nonbank mortgage employment declined in September, the largest drop since January, according to the Bureau of Labor Statistics.

At the same time Friday, the US released its October employment report, which indicated nonfarm payrolls rose by a seasonally adjusted 261,000. It's the highest unemployment rate recorded in the Montreal region since April. "Looking through the hurricane-created volatility, job growth is robust". However, September's figure was revised up from a loss of 33,000 jobs to a gain of 18,000 and August's number was revised up from an increase of 169,000 to 208,000 jobs. Friday's revision to the September result restores that positive streak.

Compared with a year ago, employment was up by 308,100 jobs as the number of full-time jobs increased by 396,800 and the number of part-time positions fell by 88,700.

As for where the jobs are, the BLS said, "In October, job gains also occurred in professional and business services, manufacturing, and health care".

The Bank of Canada raised its key interest rate target twice this year, but kept it on hold at its most recent rate decision as it predicted growth would slow in the second half of the year.

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The US added 261,000 new jobs and the unemployment rate ticked down to 4.1 per cent.

Travel booking jobs fell in October, while employment in hospitality overall rebounded, particularly among restaurant workers as the sector bounced back from Hurricane Irma, Hurricane Harvey and Hurricane Maria.

The Federal Open Market Committee did not raise short-term rates following its most recent meeting on November 1.

It defines that group of people: "Discouraged workers are persons not now looking for work because they believe no jobs are available for them".

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