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November 2016

US employment sees strong growth

Published: Friday 04 November 2016

Non-Farm Payrolls showed that the US economy created 161,000 jobs last month and job creation for the months of August and September has been revised up.  The US unemployment rate also fell to 4.9%, according to the latest report from the US Department of Labor.  Average hourly earnings were up $0.10, or 0.4%, in October, a slight acceleration from September's 0.3% increase.

The healthy US labour market supports the view that the US Federal Reserve will likely raise interest rates next month.

Over the border in Canada, the employment market grew by 44,000 in October, much better than the expectation of a 10,000 contraction. Unemployment rate was unchanged at 7.0%, in line with consensus.

Latest FX news by Chris Verdet