Economy Watch: US Lost 33K Jobs Due to Harvey, Irma

US Jobless Claims fall 12000 to 260000

US Jobless Claims fall 12000 to 260000

With the global supply glut already showing signs of draining from OPEC measures, etc., we might expect oil prices to spike in the near-term, depending on the overall damage this new storm may cause.

Hourly workers who couldn't work and missed a paycheck would have been counted as not working, thereby lowering September's job total. For both surveys, national estimates do not include Puerto Rico or the U.S. Virgin Islands.

Further information on the impact of the storms on this month data can be found in this statement from the Commissioner of the BLS. Job growth is likely to rebound in the coming months as businesses in the area reopen and construction companies ramp up fix and renovation work.

The unemployment rate, which is calculated differently, declined to 4.2 percent in September, from 4.4 percent the previous month. Those counties have about 11.2 million workers - 7.7 percent of the nation's non-farm labor force, BLS said.

The unemployment rate is at a post-crisis low, but the USA economy actually lost jobs in September for the first time since 2010.

The United States lost 33,000 jobs in September as the economy took a hit from Hurricanes Harvey and Irma.

The economy has added an average of 172,000 jobs a month over the past year, but that has dropped to a 91,000 average over the past three months.

Las Vegas shooting: Marilou Danley's relatives speak out
Eric Paddock said, "I mean this is an asteroid that fell out of the sky". Paddock had four video cameras at his hotel room, Lombardo said.

Teenager unemployment declined 0.7 percentage points to 12.9 percent.

Employment in transportation and warehousing increased by 22,000 in September. Makers of durable goods gained 4000 jobs. Hurricanes in Florida and Texas profoundly affected the ability of people to work, which was reflected in the latest jobs report.

In September, employment in professional and business services was little changed (+13,000).

However, a sharp 111,000 reduction in the number of leisure and hospitality jobs had the unexpected result of driving a 0.5% leap in average hourly earnings, versus the 0.3% rise the consensus had expected to see.

Manufacturing jobs slipped in September after a burst of hiring in August.

Other recent indicators point to a solid economy and job market.

The job losses of September shouldn't dissuade Fed chair Janet Yellen, in what could be one of her last big moves as head of the Fed if President Trump decides to appoint a new Fed chief when her term expires next year, from staying the course. "But new construction is still necessary to offset increasingly lower housing inventories".

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