Hiring Rebounded in October, Unemployment Rate Fell to 4.1%

04 November, 2017, 01:22 | Author: Sheri Evans
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It's the highest unemployment rate recorded in the Montreal region since April. The industry has added 17,500 jobs since September 2016. Markets had expected the unemployment rate to remain unchanged.

The increase was the result of more people entering the workforce and a decline in employment.

More employers say positions are increasingly hard to fill amid a scarcity of skilled workers.

On a year-over-year basis, Canadian employment increased 308,100, or 1.7%, with all of the new jobs created over the past 12 months in full-time positions.

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The unemployment rate in the Montreal region rose slightly in October, Statistics Canada said on Friday.

Unemployment levels dropped to 4.1 percent, the lowest since December 2000 - though this was partly due to a decrease in labor force participation by 765,000 people. When using U.S. Labor Department methodology, Canada's jobless rate in October was 5.2%.

The "other services" category led the growth in jobs with a gain of 21,400 positions, while the construction industry gained 18,400. The country's gross domestic product unexpectedly shrank in August on a month-over-month basis, and the Bank of Canada expects annualized growth in the third quarter to come in below 2% after a 4.5% surge in the second quarter.

Mark Zandi, chief economist of Moody's Analytics, which helps compile the report, said: "The job market rebounded strongly from the hit it took from Hurricanes Harvey and Irma".

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

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

Economists had predicted the wage rate would rise by 0.2 percent.

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