Jobless rate falls to lowest since '69

Lloyd Doyle
October 7, 2018

The unemployment rate for workers with less than a high school degree or just a high school degree fell by 0.2 percentage points, while the unemployment rate for workers with some college fell by 0.3 percentage points. Friday's report revised August's count of new jobs from 201,000 to 270,000, while July's tally was revised from 165,000 new jobs.

The Fed last month raised its benchmark interest rate for the third time this year.

Manufacturing jobs up 18,000 in September and up 278,000 over the past 12 months.

The unemployment rate declined by 0.2 percentage point to 3.7 per cent, the lowest rate since 1969.

Unemployment among African Americans declined three-tenths of a percent to 6 percent, close to the record low of 5.9 percent set in May. Second, Hurricane Florence dented measured jobs, but by a lesser extent than the bigger hurricanes of September 2017. In the past three months, the Canadian jobs total was +54,000 in July; -51,000 in August; and now +63,000 in September. The average monthly climb in US construction jobs so far this year has been +24,000, or +44% compared with 2017's first nine-months' average of +17,000. Job gains occurred in professional and business services, in health care, and in transportation and warehousing.

Employees temporarily left unable to work during natural disasters can be left off the government's monthly jobs survey, especially part time workers who receive no pay during the week of the survey, meaning figures can rebound in the month after a storm. Total private sector jobs are averaging a rate of $27.24 per hour as of September.

Average hourly earnings are forecast to have risen 0.3% month-on-month and 2.8% year-on-year. Overall, the data continue to show strong hiring in manufacturing, with the sector generating 23,167 workers on average each month over the past 12 months. We expect average hourly earnings to rise to 3% by year-end.

As for the average weekly wages of full-time versus part-time workers in Canada, the latter are being rewarded a little more richly than the former, +2.6% year over year versus +2.0% respectively. Last month's manufacturing job losses could also be revised away.

Other good news on the jobs front concerns Canada joining the US and Mexico in a revamped NAFTA trade agreement, to be known henceforth as USMCA.

Other reports by Iphone Fresh

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