Uptick in multi-unit Canadian construction
In the week ending November 11, the US Department of Labor reported an uptick in initial jobless claims, reaching 231,000—a rise of 13,000 from the prior week. The 4-week moving average hit 220,250, climbing by 7,750. Simultaneously, the insured unemployment rate saw a 0.1% increase, hitting 1.3%, with 1,865,000 people claiming benefits—an upswing of 32,000.
Unadjusted data revealed a mixed bag: 215,874 initial claims, slightly deviating from seasonal expectations, and an unaltered 1.1% unadjusted insured unemployment rate, totaling 1,581,345 claims.
Uptick in insured unemployment rates
Continued benefits showed a notable increase of 33,840, summing up to 1,633,463 claims across all programs. States like California and New York saw spikes in initial claims, while Oregon witnessed a significant decrease. New Jersey, California, and Hawaii stood out with the highest insured unemployment rates.
The dynamics highlight fluctuations in unemployment claims across states, signaling both localized economic challenges and pockets of resilience within the national job market.
Canada’s housing stats see uptick
In October, Canada’s housing starts saw an upward trend according to the Canada Mortgage and Housing Corporation (CMHC). The six-month moving average, measuring total housing starts, reached 256,280 units, up 1% from September’s 253,957 units. The monthly seasonally adjusted annual rate (SAAR) of total housing starts across Canada also grew 1%, hitting 274,681 units compared to September’s 270,669 units.
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Especially urban areas
Urban areas showed promise with a 2% rise in the monthly SAAR of total urban housing starts, reaching 257,357 units. Multi-unit starts saw a 1% uptick, reaching 209,887 units, while single-detached starts spiked by 9% to 47,470 units.
Some areas saw a decline however
However, the housing market in Montreal and Toronto experienced declines of 43% and 24%, respectively, in total SAAR housing starts, whereas Vancouver surged by 35%, primarily fueled by a 40% increase in multi-unit starts.
Year-to-date statistics revealed a stark contrast: Toronto and Vancouver witnessed significant jumps of 22% and 37%, respectively, in housing starts compared to the same period in 2022, predominantly driven by increased multi-unit starts. Nationally, there was a 7% decrease in year-to-date housing starts in urban areas, mainly due to lower single-detached starts.
Australia Youth unemployment shows uptick
In October 2023, Australia’s labor landscape saw intriguing shifts. The unemployment rate held steady at 3.7%, with an increase in the number of unemployed individuals by 3,600, reaching 542,100. Youth unemployment ticked up to 8.7%.
Some promising signs
However, the employment figures showed promising signs. Overall employment climbed to 14,145,400, a rise of 28,300 people (0.2%). Full-time employment increased by 2,000, totaling 9,831,900 individuals, while part-time roles surged by 26,300, reaching 4,313,500 people, constituting 30.5% of employment.
Seasonally adjusted participation rates sees an uptick
The participation rate, measuring the workforce actively seeking employment, slightly dipped to 66.8% in trend terms but saw an uptick to 67.0% in seasonally adjusted terms. The employment-to-population ratio remained steady at 64.4%.
Yet, despite the employment gains, the total monthly hours worked decreased by 2.3 million (-0.1%) to 1,937 million hours. These trends paint a nuanced picture, showcasing both positive job creation and challenges in the labor market’s overall working hours.
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