Canada sheds 71,000 jobs in November

US President Donald Trump pumps his fist during a

America Created 266,000 Jobs in November 1,221MANDEL NGAN AFP via Getty Images John Carney6 Dec 2019

Over the last 12 months, average hourly earnings have increased by 3.1 percent.

Monthly revisions come from additional reports submitted by businesses and government agencies, and from the recalculation of seasonal factors.

The 40-day strike by about 46,000 workers at GM plants in MI and Kentucky had restricted employment gains to 156,000 jobs in October.

The manufacturing sector added 54,000 jobs in November, offsetting a decline in October related to almost 50,000 General Motors workers who were then on strike. Since President Trump's election, the economy has added more than 7 million jobs-5.1 million more jobs than the Congressional Budget Office projected in its final forecast before the 2016 election.

Workers build the 2020 Ford Explorer at Ford's Chicago Assembly Plant in Chicago, Ill., on June 24, 2019.

Year over year, the jobless rate decreased by 3.9 per cent, with 2,700 fewer people unemployed since November 2018.

Federal Reserve policymakers are expected to highlight the economy's resilience when they meet on December 10-11, though trade tensions continue to reverberate in the background.

"Looking at the high number of jobs that were added in November, you might forget that the story for most of this year was that the economy was slowing down", Indeed Hiring Lab research director Nick Bunker wrote in an analysis of the data Friday.

Canada's job market unexpectedly weakened for a second-straight month, registering the biggest drop in employment since 2009 and casting doubt on the resiliency of the domestic outlook.

She explained the region saw increased gains in food services, which generally hires part-time employees more often. Employment rose in manufacturing, reflecting the return of workers at GM.

And the holiday shopping season has begun later this year compared with previous years, a fact that some economists think might have delayed hiring by retailers and shipping firms last month. That added 41,000 jobs to the two-month total.

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Employment in leisure and hospitality increased by 45,000, with 219,000 jobs added in this industry in the past 4 months.

Financial activities employment grew by 13,000, with the industry noting job gains of 116,000 in the last 12 months. With lots of jobs lost and unemployment, it's not the most wonderful time of year for some people.

Most analysts say they remain hopeful about the economy and the job market.

The US Dollar Index spiked 0.2% to 97.60, from an opening of 97.38.

In Europe, Britain's FTSE gained 0.5 percent, France's CAC was up 1.1 percent and Germany's DAX was higher by 0.8 percent. With lingering uncertainty regarding the U.S.

Economists say the strong labor market is nearly single-handedly holding up the world's largest economy, keeping workers optimistic and leaving them with money to spend.

Ian Shepherdson, chief economist at Pantheon Macroeconomics, said the jobs numbers were "astonishing", but could be revised down at some point.

Local economic experts said because state-by-state statistics have not yet been released, Ohioans should be cautiously optimistic.

HORSLEY: One factor that may be keeping a lid on wages is the steady flow of new workers entering or reentering the labor force. The major downside is that workers seem to remain insecure about their employment prospects, as evidenced by the low quit rates and the relatively modest pace of wage growth.

The so-called "real" unemployment rate, which factors in those out of the workforce and those who are underemployed, fell 0.1% to 6.9%.

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