U.S. jobs growth jumps in November

A worker stacks core samples outside a core shack at the Agnico Eagle Mines

The blockbuster report provides further evidence that the USA economy is withstanding a global slowdown, and reinforces the Federal Reserve's characterization of the labor market as "strong".

The province's economic performance is slightly better than November 2018. when the jobless rate stood at 8.2 per cent. It's one of the weaker industries if you're tracking employment growth year-to-date, down an average 4,000 per month.

The losses were reported across Quebec, Alberta and British Columbia, mostly in manufacturing, natural resources and public administration, and affecting men in the core working ages of 25 to 54 and women over 55, Statistics Canada said.

Employers have been hiring at a solid enough pace to absorb new job seekers and to potentially lower the unemployment rate, though the pace of job growth is down from past year.

Stock markets cheered another bumper jobs report from the U.S. suggesting that the world's biggest economy remains resilient to pressures from overseas. But the number of Americans either working or actively looking for a job - known as the "labour force participation rate" - also ticked down slightly to 63.2 percent. The U.S. Federal Reserve has cut its rate three times this year.

The smaller household survey from which the unemployment rate is derived also showed a modest job gain last month.

The tight labour market is generating steady wage gains.

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

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The Canadian currency depreciated on the report, dropping 0.6 per cent to $1.3249 against its USA counterpart at 8:40 a.m. Toronto time. In the 12 months through November, wages rose 3.1% after advancing 3.2% in October.

"Notable job gains occurred in healthcare and in professional and technical services", the report said. Exactly why that is remains a mystery since employment and average hours tend to move together.

United States manufacturing employment rebounded by 54,000 jobs last month as GM strike returnees boosted payrolls in the auto sector. Snow storms in the Midwest and cold weather restricted construction hiring to only 1,000 jobs last month.

"Manufacturers, commodity producers, and retailers are shedding jobs".

The leisure and hospitality industry hired 45,000 workers.

Those numbers come at a time when Alberta-based energy companies continue to axe jobs despite benefiting from UCP government corporate tax breaks.

He said recently announced increases in future oil-by-pipeline shipments and a $250-million investment announcement by energy giant CNRL bode well for job and economic growth.

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