Hiring Rebounded in October, Unemployment Rate Fell to 4.1%

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The unemployment rate fell by a small notch, from 4.2 percent to 4.1 percent. The "leisure and hospitality" sector, however, added 106,000 jobs.

The trade deficit came as exports fell 0.3 per cent to $43.6 billion in the month, a fourth consecutive monthly decline.

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.

The Canadian economy added a net 35,300 jobs in October on a seasonally adjusted basis, Statistics Canada said Friday.

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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.

The unemployment rate is now 6.9 per cent, up from September's number by 1.1 per cent.

But at 4.1 per cent the unemployment rate is now at lows unseen since December 2000. When using U.S. Labor Department methodology, Canada's jobless rate in October was 5.2%.

October's strong jobs data "suggest there is still some life left in the economic upswing", BMO Capital Markets chief economist Doug Porter said.

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In terms of wages, federal economists say that the average hourly earnings for all employees on private nonfarm payrolls - which had risen by 12 cents in September - dropped by 1 cent to $26.53. "Looking through the hurricane-created volatility, job growth is robust".

Additionally, wages rose from the same time a year ago by 2.4 percent but slowed somewhat from last month.

Almost all of the net new hiring was done at firms and organizations, as their payrolls rose 34,500, while the ranks of the self-employed - who tend to be independent contractors that aren't necessarily paid on a regular schedule - edged slightly upward.

Tesla is trading down ahead of Wednesday's earnings report
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