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November 02, 2018US EMPLOYMENT, OCTOBER 2018 The US Bureau of Labor Statistics reports today that US non-farm payroll employment increased by 250,000 in October. Revisions for August and September were offsetting with one another, leaving the September employment estimate unchanged compared to the previous estimate. October's employment increase was above the average of the previous year that saw average monthly increases of 211,000.
US employment gains in October were reported for the following sectors: health care (+36,000), manufacturing (+32,000), construction (+30,000), transportation/warehousing (+25,000), leisure/hospitality (+42,000), professional/business services (+35,000), mining (+5000). There was little change in the other major sectors of the economy: wholesale and retail trade, information, finance, and government.
The US unemployment rate was unchanged at 3.7 per cent in October. Unemployment rates across most advanced economies (including Canada and Nova Scotia) are declining to levels below long run averages.
The US participation rate was up at 62.9 per cent in October. Unlike unemployment rates, the US participation rate has failed to return to pre-recession levels and has only increased modestly since bottoming out in 2015, with fluctuations around a narrow range since the start of 2016.
Participation rates in Canada and Nova Scotia also declined in the years after the global financial crises, but Nova Scotia's participation rates have rebounded in the past few months.
The US employment to population ratio edged up to 60.6 in October. The US employment rate has maintained a very gradual upward trend since the middle of 2013.
Employment rates in Canada trended up in 2016 and 2017, but remained below levels observed in 2008. In September the employment rate was unchanged at 61.5 per cent in Canada. With an aging population and declining labour supply, Nova Scotia's employment rates have trended down since 2012. There has been some recovery in recent months, leaving the Nova Scotia employment rate at 57.1 per cent in October.
Note: Canadian and US labour force statistics refer to different working-age cohorts.
Source: US Bureau of Labor Statistics, Statistics Canada Table 14-10-0287-02
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