U.S. job growth surges in November, with 266,000 added

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Average hourly earnings, meanwhile, rose by 3.1 percent over the past year to $28.29. Quebec's employment growth has been quite strong and we saw a bit of retracement of that today.

US stocks were trading higher while the dollar.DXY gained against a basket of currencies.

But the job increases were widespread across the United States economy. That pares the total number of jobs added this year to around 285,100.

"The upbeat data reinforces the strength of both the labour market and consumer confidence, despite slowing global growth and continued trade uncertainty".

Manufacturing activity contracted for a fourth straight month in November.

Though the U.S. labour market remains resilient despite the business investment downturn, hiring has slowed from last year's average monthly gain of 223,000 because of ebbing demand and a shortage of workers.

The impressive headline growth rate was compounded by upward revisions for earlier months.

Employers have added 176,000 jobs, on average, in the past three months.

Asian stocks inch up on trade outlook but markets remain wary
On a telephone call last week, China's lead trade negotiator Vice Premier Liu He discussed "core issues of concern" with U.S. But he warned of forces he said were trying to drive a wedge between the two, without providing any details.

The unemployment rate dipped to 3.5% from 3.6% in October, matching a half-century low, the Labor Department reported Friday. The economy grew at a 2.1% annual rate in the July-September quarter, and the annual pace is thought to be slowing to roughly 1.5% to 2% in the final three months of the year - sluggish but not recessionary.

"Canada's jobs report is disappointing, showing job losses for the second month in a row", said Julia Pollak, labour economist at ZipRecruiter, an online employment marketplace.

The tight labor market is generating steady wage gains. In manufacturing, however, the average work week increased slightly, by 0.1 hours, to 40.5 hours a week, as overtime decreased by 0.1 hours. Wages rose 3.1% in November from 3.2% in October.

"Notable job gains occurred in healthcare and in professional and technical services", the report said.

CIBC analyst Royce Mendes said, however, the November labor market pullback was "more than a breather", describing the losses as "an apparent massive decline in employment".

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. Snow storms in the Midwest and cold weather restricted construction hiring to only 1,000 jobs last month. Those include 263,000 durable goods manufacturing jobs since Donald Trump's election.

He said recently announced increases in future oil-by-pipeline shipments and a $250-million investment announcement by energy giant CNRL bode well for job and economic growth.

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