United States economy sheds jobs for first time since 2010 as hurricanes hit

US Jobless Claims fall 12000 to 260000

The Labor Department said Friday the USA economy lost 33,000 jobs in September and the unemployment rate fell to 4.2%.

This is the first negative print for headline payroll gains since September 2010 while the unemployment rate is now at its lowest level since February 2001. "ORCRP010217-topic.html" class="local_link" >JPMorgan Chase estimated the hurricanes will have lowered last month's gain by 75,000, meaning that without them, a solid 150,000 or so jobs would have been added. Average hourly earnings rose 12 cents, or 0.45% from a month earlier. The Dow, S&P 500 and Nasdaq have all soared this year and are near record highs. The 0.5% monthly increase in earnings may have been distorted by a dip in low-paid employees due to hurricane damage, but the data overall will increase confidence of acceleration and an increase in the inflation rate. From a recent employment trough in November 2016 through August of this year, the industry had added an average of 14,000 jobs per month.

One thing to note regarding September's jobs report is the fact that the US was battling a series of hurricanes causing catastrophic damage.

"We should get a boost over the months ahead because you're going to have reconstruction efforts from insurance payments and federal aid", Faucher said. There was no discernible effect on the national unemployment rate.

Hourly workers who couldn't work and missed a paycheck would have been counted as not working, thereby lowering September's job total. The labor force participation rate, at 63.1 percent, changed little over the month and has shown little movement over the year.

Nunez return cut short as injury forces exit
They beat the Red Sox 8-2 and gave Boston a 360-degree view of how their lineup can hurt teams in a bunch of different ways. What did he tell himself after the third home run? Springer hit 34 homers despite missing time with an injury .

The storms did not affect all industries or workers equally. That trend was probably inflated by the loss of so many lower-paid workers in hurricane-hit areas.

"There could even be an increase in jobs in coming months due to the storms as homes and other buildings are repaired or rebuilt, and Americans buy cars and other items to replace those that were lost", wrote Chris Isidore at CNNMoney.

The Department of Labor released its hiring and unemployment report for the month of September Friday, and it's bad news for President Trump. That calculation would make Harvey the second-worst US natural disaster, after Hurricane Katrina in 2005. That's equal to about 7.7 percent of the nation's workforce.

The payroll survey does not include the US Caribbean territory of Puerto Rico, which was devastated last month by Hurricane Maria.

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