U.S. Economy Sheds Jobs In September Mostly From Hurricanes, Drops To -33,000

The U.S. economy saw a reduction of non-farm payroll jobs in September mostly due to Hurricanes Harvey and Irma and declined -33,000 while the U.S. unemployment level lowered to 4.2 percent from 4.4 percent, according to the U.S. Bureau of Labor Statistics.

Besides the reduction of non-farm payroll jobs due to storms in the U.S. southeast last month, employment in food services and drinking places fell sharply in September by -105,000, nearly as many workers who were off payrolls due to the recent hurricanes.

Job revisions for July and August were revised 38,000 lower than previously reported.

August was revised up from 156,000 to 169,000 while July’s figures were revised lower from 189,000 to 138,000.

After revisions, job gains have averaged 91,000 over the past 3 months.

Over the past 12 months, the U.S. economy has added 172,000 jobs per month.

The labor force participation rate was mostly unchanged at 63.1 percent in September.

The average workweek for all employees on private nonfarm payrolls was unchanged at 34.4 hours in September.

Average hourly earnings for all employees on private nonfarm payrolls rose by 12 cents to $26.55.

Over the past 12 months, earnings have increased by 74 cents, or 2.9 percent.

Written and Edited By:

John Schweitzer

@SchweitzFinance

@Schweitz31

schweitz31@gmail.com

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