United States economy rebounds from slump by adding 261000 jobs

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

The provincial unemployment rate was 6.1 per cent, compared with 6 per cent in September. The leisure and hospitality industry was hardest hit by the hurricanes in September, shedding 111,000 jobs.

Nationally, Statistics Canada says the economy added 35,000 jobs in October but the unemployment rate crept higher, with more young people looking for work.

According to the October jobs report, the "travel arrangement and reservation services" sector, which the BLS counts under "professional and business services", lost approximately 1,000 jobs from September to October.

And even with the 90,000 upward revisions in the hurricane-affected months, the average monthly job gain for the last three months came in at 162,000-a slowdown from the year-to-date monthly average gain through July of 171,000. Information, culture and recreation industries added 15,300 jobs.

At the same time Friday, the US released its October employment report, which indicated nonfarm payrolls rose by a seasonally adjusted 261,000.

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In addition, according to analysis from Mark Fleming, Chief Economist at First American, despite overall declines in unemployment, in sectors like homebuilding are still facing labor constraints.

The jobless rate fell to 4.1 percent, down a tenth of a point from September, the lowest the United States economy has seen since December 2000. When using U.S. Labor Department methodology, Canada's jobless rate in October was 5.2%.

In its rate decision and quarterly forecast released last week, Canada's central bank said modest wage gains and a below-average level of hours worked suggest there is still "some excess capacity" in the labor market.

Regionally, Quebec posted the largest increase with a gain of 18,400 jobs, while Alberta added 11,900.

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