More positive news from U.S.economy. Payroll employment rises 321,000;Canadian economy slips.

The monthly US Bureau of Labor statistics are out and they reflect good news. US payroll employment grew in november by 321,000 and there were significant upward revisions in the same numbers for September and October. The US unemployment rate remained stable at 5.8 %. It rose in Canada to 6.6 %. Unemployment among adult men in the U.S. was 5.4% among adult women 5.3% among blacks 11.1% and among teenagers 17.6 %. The broadly defined measure of unemployment including discouraged workers and those working part-time when they would rather work full time fell slightly to 11.4 %.Average hourly earnings also rose slightly in the 9 cents. Over the past year unemployment fell by 1.2 % points and 1.7 million workers in the U.S. So the results are positive in the U.S. and if they continue to gain momentum we should see U.S. unemployment fall further toward 5 %. The poor report in Canada probably reflects the turn toward austerity in Québec and a slowdown in Ontario as well as possibly the early impact of falling oil prices.


About haroldchorneyeconomist

I am Professor of political economy at Concordia university in Montréal, Québec, Canada. I received my B.A.Hons (econ.&poli sci) from the University of Manitoba. I also completed my M.A. degree in economics there. Went on to spend two years at the London School of Economics as a Ph.D. student in economics and then completed my Ph.D. in political economy at the University of Toronto. Was named a John W.Dafoe fellow, a CMHC fellow and a Canada Council fellow. I also was named a Woodrow Wilson fellow in 1968 after completing my first class honours undergraduate degree. Worked as an economist in the area of education, labour economics and as the senior economist with the Manitoba Housing and Renewal Corporation for the Government of Manitoba from 1972 to 1978. I also have worked as an economic consultant for MDT socio-economic consultants and have been consulted on urban planning, health policy, linguistic duality and public sector finance questions by the governments of Manitoba, Saskatchewan,the cities of Regina and Saskatoon, Ontario and the Federal government of Canada. I have also been consulted by senior leaders of the British Labour party, MPs from the Progressive Conservative party, the Liberal party and the New Democrats on economic policy questions. Members of the Government of France under the Presidency of Francois Mitterand discussed my work on public sector deficits. I have also run for elected office at the municipal level. I first began to write about quantitative easing as a useful policy option during the early 1980s.
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