Data from the US Department of Labor announced Friday that the US unemployment rate fell 0.1 percent to 9 percent in October, the lowest rate in six months. The economy added 104,000 private sector jobs last month, and the US also added 102,000 more jobs than had previously been reported in August and September. Additionally, Q3 GDP growth was 2.5 percent, which represents the fastest rate in over a year and nearly twice that of Q2.
But while the overall US unemployment level declined in October, the construction sector lost 20,000 jobs between September and October, according to the Associated General Contractors (AGC), and the construction unemployment rate stood at 13.7 percent in October.
Employment data for in Canada was also disappointing in October. Statistics Canada reported Friday that following an increase in September employment declined by 54,000 in October, pushing the unemployment rate up 0.2 percent to 7.3 percent. The 54,000 drop represents the biggest drop since February 2009.