Alberta loses 18,000 jobs in November: StatsCan

Понедельник, 09 Дек, 2019

In addition to new jobs, wages also climbed - with average hourly earnings ticking up by 0.2 percent and annual wage growth climbing by 3.1 percent. "The Fed will see this as clear vindication of their decision to stop cutting rates". Some of that increase can be explained by the recall of thousands of workers at General Motors (NYSE:GM) who were on strike in October.

With one more month to go in 2019, US job growth has averaged 180,000 per month.

Some temporary factors could distort November's jobs data. Total nonfarm payroll employment rose by 266,000 in November. Monthly employment growth has indeed accelerated since this summer, averaging 205,000 over the last three months, up from 135,000 in July alone.

This has helped offset persistent weakness in the manufacturing and agricultural sectors while businesses have slowed their investments, amid concerns about Trump's multi-front trade wars.

The U.S. -China trade tensions have bruised business confidence and undercut capital expenditure. Since President Trump's election, the economy has added more than 7 million jobs-5.1 million more jobs than the Congressional Budget Office projected in its final forecast before the 2016 election. Economists estimate speed at which the economy can grow over a long period without igniting inflation at between 1.7% and 2%.

NICK BUNKER: Their customers are here in the USA, and the US consumer is still strong, and that's feeding into steady and stable employment growth for those industries. Prices of U.S. Treasuries were lower. The Institute for Supply Management's measure of manufacturing employment contracted in November for the fourth straight month.

Canada's dollar sank on the report, which cast doubt on the resiliency of the country's domestic outlook, which has been driven largely by a jobs market that has been generating some of the fastest gains in decades.

Hiring in professional and technical services increased by 31,000 in November. And wages rose a solid 3.1% in November compared with a year earlier.

Outsize hiring for the holiday shopping season did not appear to be a major driver of last month's job growth. Job growth has averaged just 5,600 a month since June. The unemployment rate fell one-tenth of a percentage point last month from 3.6 per cent in October as people left the labour force.

November's 3.5 percent unemployment rate returned to the 50-year low previously achieved under the Trump Administration.

The number of full-time jobs fell by 38,400, while part-time employment fell by 32,800.

The unemployment rate jumped from 5.5 per cent to 5.9 per cent - the biggest monthly increase since 2009.

The Canadian currency depreciated on the report, dropping 0.6 per cent to $1.3249 against its USA counterpart at 8:40 a.m. Toronto time.

"The silver lining is that wage growth ticked modestly higher, to 4.5 per cent from 4.3 per cent in October".

However, camouflaged in the good news was some not-so-good news, economists said.