Economy Posts First Job Losses in Seven Years

Myles Udland Yahoo Finance

But many businesses were still closed by the flooding that accompanied the storm when the Labor Department started to survey employers in the middle of September.

The unemployment rate is calculated through a survey of 60,000 households. The hurricanes also did not cause the BLS to change its method for estimating either the establishment or household survey data for the report. That survey counted people as employed even if they were temporarily out of work because of the storms.

For the first time since 2010, the USA economy saw negative job growth last month, shedding 33,000 jobs due to Hurricanes Harvey and Irma.

Puerto Rico, which was devastated by Hurricane Maria, is not included in the BLS report.

Teasing out the exact impact of the storms is tricky.

Economists expect the job market to rebound from the hurricane damage in coming months as workers get back to their jobs and rebuilding begins. The unemployment rate meanwhile declined to 4.2 percent. Both measures were down over the year. In a typical September, around 30,000 workers fall into that category; this year, that number was 1.5 million.

As a result, the nation's labor participation rate - the most critical employment indicator of them all - climbed 0.2 percent to 63.1 percent.

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The storm-damaged September jobs report featured a top-line decline of 33,000 jobs, the first decline since September 2010. One of the strongest areas of the US economy continues to be in health care, which added 23,000 jobs in September. The food service industry lost 105,000 jobs.

The sector had averaged job growth of 24,000 over the previous 12 months. It will be challenging for the sector to break 2.1%, however, as total nonfarm employment growth should recover from the hurricanes. Makers of durable goods gained 4000 jobs.

Specifically, jobs in oil and gas extraction increased by 2,300 in September, while support activities for mining dropped by 700.

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

The Department of Labor released its hiring and unemployment report for the month of September Friday, and it's bad news for President Trump.

Since that low, new manufacturing jobs have been created requiring increased skills because of increased automation and technology in factories. Over a four-year term that would require 6,250,000 per year, for an average of 521,000 new jobs per month.

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