United States unemployment rate falls to 4.1 per cent, lowest in 17 years

Nov 04, 2017, 00:55
United States unemployment rate falls to 4.1 per cent, lowest in 17 years

According to Doug Duncan, Chief Economist at Fannie Mae, the employment situation summary is underwhelming-as the much-anticipated rebound in October nonfarm payroll was less than market expectations at 261,000.

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

U.S. job growth accelerated last month after hurricane-related disruptions hurt employment in September, but there were signs that labour market momentum was slowing as annual wage gains sharply retreated.

Wages failed to break out, rising 2.4% from a year earlier, a slowdown from last month.

Both the national and provincial unemployment rates rose slightly compared to last month's numbers, but is well below Windsor's increase.

Wages pressures in October were flat, however, with average hourly earnings falling by a penny to $26.53.

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

September's numbers saw a negative return, given the impact of Hurricanes Harvey, Maria and Irma.

The share of Americans participating in the labor force fell by 0.4 percentage point to 62.7% in October, the lowest reading since May.

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

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

The central bank cited ongoing strength in the labor market when it last raised rates in June, to the current range between 1% and 1.25%.

The Fed has hiked rates twice this year.

In October, 6.52 million workers who wanted a job couldn't find one. "Looking through the hurricane-created volatility, job growth is robust".

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