BC economy sheds 18200 jobs in November


When jobs are being created in a community, more people are either working or looking for work, swelling the participate rate, which often leads to a rise in the jobless rate, even though the economy is performing better.

October's gain of 128,000 jobs was revised to 156,000 - while September's uptick of 180,000 was revised higher a second time to 193,000.

Monthly revisions come from additional reports submitted by businesses and government agencies, and from the recalculation of seasonal factors.

Economists had forecast an increase in the number of jobs by 10,000, they also hoped that he would be able to keep the unemployment rate at 5.5%, according to financial company Refinitiv. The numbers got a boost from more than 40,000 General Motors employees returning to their jobs after a monthlong strike that ended in late October.

That, of course, didn't stop President Donald Trump from tweeting about a "GREAT JOBS REPORT!".

The economy lost 71,200 jobs in November, Statistics Canada said Friday in Ottawa, following a decline of 1,800 in the prior month.

Federal Reserve policymakers are expected to highlight the economy's resilience when they meet on December 10-11, though trade tensions continue to reverberate in the background. Retail added 2,000 jobs for the month, but employment is still down 31,400 (0.2 percent) over the previous year.

US employers added a better-than-expected 266,000 jobs in November in a sign the economy continues to power ahead.

The unemployment rate declined to 3.5% from 3.6% in October, matching a half-century low, the Labor Department reported Friday.

HORSLEY: The vast majority of November's jobs gains were in service industries, such as health care and restaurants.

Employment rose in manufacturing, reflecting the return of workers from a strike.

Meanwhile, the services sector lost 44,400 jobs as the number of public administration jobs fell by 24,900 jobs in November.

She noted the region has seen some weakness in employment levels this year with roughly 14,000 jobs gone when comparing January to November.

And Americans got a bit more of a raise than expected, with average hourly wages growing 3.1 percent from a year earlier.

"It's a significant surprise because economists were ready to go with the idea that payroll growth was slowing down because the job market had gotten tight", Stephen Stanley, chief economist for broker-dealer Amherst Pierpont, told Bloomberg.

Alberta and British Columbia lost 18,000 jobs each, with losses concentrated in retail and wholesale in Alberta, and spread across a number of industries in B.C.

She says highlighting adaptability and transferable skills is essential in the current job market.

In midmorning trading, the DXY dollar index gained 0.3 percent to 97.674. Friday's gains have US stocks on track for a third straight day of gains after they snapped a three-day losing streak on Wednesday.

The blockbuster report provides further evidence that the longest economic expansion on record will continue and reinforces the Federal Reserve's characterization of the labor market as "strong".

The U.S. economy grew at an annual rate of 2.1 percent in the third quarter of 2019.