USA employers add 148000 jobs in December, unemployment remains 4.1%

  • USA employers add 148000 jobs in December, unemployment remains 4.1%

USA employers add 148000 jobs in December, unemployment remains 4.1%

The New Brunswick economy added 4,200 jobs in November, according to Statistics Canada's latest labour force survey and Moncton continued to lead the way by adding 600 positions. The decline in the unemployment rate accelerated from 2016 to 2017, and the temporary agency penetration rate broke the 2.1% barrier previous year as well. Hourly earnings are up by about 2.5 percent year over year as of November, which is actually below the 12-month earnings growth posted in November of last year.

There was little change in both the employment and unemployment rate in Saskatchewan during 2017. The last time the jobless rate was 5.8 per cent was October 2007.

Analysts had predicted the Labor Department report would show another month of solid job gains.

"What we're seeing here is a continuation of a trend that we've seen in the retail industry and that's something we gotta get used to", White House chief economic advisor Gary Cohn said in a Bloomberg interview Friday.

He expects Poloz to carefully assess the findings in the Bank of Canada's business outlook survey, which will be released Monday.

The American economy reached its 147th straight week that unemployment claims dipped below 300,000, which marks the longest unemployment streak since 1970.

Other experts, however, think the December report will be enough to convince the central bank to raise the rate sooner rather than later. Still, average job gains have slowed to 171,000 this year from a peak of 250,000 in 2014. With these revisions, temporary help employment growth was 5,000 lower than previously reported.

The food services and drinking places industry added 249,000 jobs, slightly down from 276,000 in 2016.

Most of the jobs added in December were part time, but for the year as a whole, the vast majority - 394,000 - were full time. This exceeded the 2.9 per cent rate of population growth for the age group.

Average hourly wages rose by nine cents, or 0.3 %, in December.

In a separate report Friday, Statistics Canada says the country's merchandise trade deficit widened to $2.5 billion in November, compared to a $1.6-billion deficit the month before, as imports outgrew exports.