USA economy rebounds from slump by adding 261000 jobs

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The October report was "underwhelming", Fannie Mae Chief Economist Doug Duncan said in a press release. It's the highest unemployment rate recorded in the Montreal region since April.

Canada added jobs in October at a stronger-than-expected pace amid a slowing economic backdrop, with full-time employment surging and wage gains accelerating for a second straight month.

That was the largest gain since July previous year, but was below economists' expectations for an increase of 310,000 jobs.

The data for September also turned out not be as bad as initially reported, with 18,000 new jobs created, rather than a loss of 33,000 positions, the first contraction in almost seven years. Job creation for that month had initially been estimated at 156,000 and then 169,000 jobs.

The unemployment rate increased to 6.3 per cent, up from 6.2 per cent in September.

"Economists have been watching the wage numbers closely", NPR's Chris Arnold reports for our Newscast unit, "and hoping to see Americans getting more money in their pockets".

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"Among the major worker groups, the unemployment rates for adult women (3.6 percent) and Whites (3.5 percent) declined in October".

The Federal Open Market Committee did not raise short-term rates following its most recent meeting on November 1.

Moving against expectations, average hourly (private sector) earnings fell by 0.04 percent - or roughly one cent - to $26.53.

It defines that group of people: "Discouraged workers are persons not now looking for work because they believe no jobs are available for them".

Unemployment levels dropped to 4.1 percent, the lowest since December 2000 - though this was partly due to a decrease in labor force participation by 765,000 people.

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