Sunday, 12 July, 2020

Windsor unemployment rate increased to 7.5% in December 2019

A “Now Hiring” sign is seen outside a Best Buy store in Salem New Hampshire A “Now Hiring” sign is seen outside a Best Buy store in Salem New Hampshire
Ginger Lawrence | 14 January, 2020, 15:39

According to the Department of Labor, the unemployment rates for adult men was 3.1 percent, adult women was 3.2 percent, teenagers was 12.6 percent, Whites was 3.2 percent, Blacks was 5.9 percent, Asians was 2.5 percent, and Hispanics was 4.2 percent.

Revisions showed payrolls for November and October were revised down by a net 14,000.

Wage growth "remains the one aspect of the job market that hasn't fully recovered during the decade since the Great Recession", he said.

The US dollar is mixed against its currency rivals at the end of the trading week, buoyed by a tepid jobs report that fell short of the market forecasts. A "2 handle" in the December ADP report only reinforces a sanguine view of December employment figures.

British Columbia's unemployment rate remained the lowest in the country in December, but it recorded its first year-over-year increase for the last month of a year since 2015. More than 4,000 jobs were added in January, the largest increase in 2019. A cooler pace of hiring reflected employers' difficulty finding enough workers, global economic uncertainty and the fading effects of 2018's tax cuts.

For December, I expect a healthy employment gain and guesstimate that payroll growth in November was 175,000. The steady spending of Americans continues to drive economic growth into a presidential election year.

The leisure and hospitality sector - which includes restaurants and hotels - added another 40,000 jobs.

The federal agency's monthly labour force survey said the increase in the number of jobs in December came as full-time employment rose by 38,400 jobs.

The Canadian dollar strengthened after the jobs gain, touching 1.3032 to the USA dollar, or 76.73 cents U.S.

Employment fell in manufacturing and transportation and warehousing.

Nevertheless, the monthly average climb in US employment in full-year 2019 was off by one-fifth compared with full-year 2018, +176,000 as opposed to +223,000.

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Unemployment rates fell for nearly all categories, with the exception of men aged 55 and over, where it rose from 4.9 percent to five. The joblessness rate, however, held at a 50-year low.

"It's a real question why wages haven't accelerated more", said Jay Bryson, acting chief economist at Wells Fargo & Co.

Average hourly earnings, month on month: +0.1%vs.

Weak wage growth could in part reflect a calendar quirk. The nation's monthly average gain in total jobs was +27,000, an uptick of almost two-thirds (+63.4%) compared with 2018's comparable figure of +16,000.

Canada achieved a strong record of jobs creation in 2019.

Still, the job growth has failed so far to put upward pressure on hourly pay.

"It really stinks to be out there for 10 hours when it's raining", she said. "There would be much more concern if you got three consecutive negative prints on the headline".

Nevertheless, the report points to continued weakness in the manufacturing sector.

Given the changing environment, some firms are moving cautiously.

But some parts of the province set a different standard than others. "Retail" jobs in the latest month were +41,000. "As trade deals work out, they may be able to sell more, but we're not planning on that to happen".