September jobs report lays an egg: 33000 jobs lost

by Harriet Bell October 7, 2017, 0:14
September jobs report lays an egg: 33000 jobs lost

All that said, there was plenty of good news to take away from this report: the Unemployment Rate fell to 4.2% - the lowest we've seen since February 2001.

The report said the storms had "no discernible effect" on the unemployment rate, however, which sank by 331,000 claimants to 4.2 percent. Economists surveyed by Reuters expected payroll growth of 90,000 in September, compared to 169,000 in August. The proportion of adults with jobs rose to 60.4 percent, the highest since January 2009.

Average earning were recorded as growing at an annual pace of 2.9 per cent, up from 2.7 per cent previously, and higher than the 2.5 per cent Wall Street analysts had pencilled in.

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For the first time in seven years, jobs have been destroyed in the wake of the hurricanes that struck the u.s. territory.

Meanwhile, Capital Economics' chief US economist Paul Ashworth said that the Federal Reserve and the markets will just ignore this report since a recovery is inevitable.

The change in temporary help services employment for July was revised from +10,100 to +12,900, and the change for August was revised from +100 to +7,500. In the establishment survey, employees who are not paid for the pay period that includes the 12th of the month are not counted as employed. With so many lower-wage restaurant and bar workers out of the calculation, average earnings got an artificial bump up, he said. The civilian labor force grew by 575,000, and the number of Americans not in the labor force fell by 368,000. "Other parts of the report were much stronger than expected", wrote Jim O'Sullivan, chief USA economist at High Frequency Economics.

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Overall, 152 million people are employed in non-agricultural industries, 122.1 million of them in private industry, 20.9 million in government, and 8.9 million are self-employed in unincorporated enterprises. Low-wage, hourly workers in other industries may also have been disproportionately affected by the storm. This report, however, was impacted by hurricanes Harvey and Irma.

Economic forecasters say the negative impacts from Harvey and Irma on the economy are expected to be short-lived with job growth expected to rebound in the coming months as businesses that were forced to shut down due to the storms begin to reopen. Maria, which hammered Puerto Rico and the U.S. Virgin Islands, could cost $45 billion to $95 billion, though that is a preliminary estimate.

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