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


It's the highest unemployment rate recorded in the Montreal region since April.

The robust employment report comes as growth slows in Canada after a stellar 12-month run that positioned Canada as the top-performing economy among the Group of Seven.

Friday's report from the Bureau of Labor Statistics comes a month after large and destructive storms Hurricanes Harvey and Irma disrupted the US economy.

Gregg said that the increase should level off when unemployment numbers come out next month and the temporary layoff ends. The initially reported loss of 33,000 jobs in September was revised to an 18,000 gain.

It's not the headline number the market was expecting - some had pegged Friday's figure at 400,000 - but it nonetheless shows steady growth; an average gain of 139,000 jobs in the last two months. Friday's revision to the September result restores that positive streak.

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

Duncan continued, "One silver lining was the large drop in the broadest measure of labor underutilization, U-6, to 7.9 percent, matching the lowest rate of the last expansion". Still, the data probably does little to change expectations the Federal Reserve will raise interest rates next month.

Unemployment fell to a 17-year low of 4.1 per cent in October, although the decline was mainly because the labour force shrank by 765,000.

It defines that group of people: "Discouraged workers are persons not now looking for work because they believe no jobs are available for them".

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.