Hurricanes limit hiring in September to 135000 jobs

Hurricanes limit hiring in September to 135000 jobs

In fact, there's good reason to believe that when all is said and done, the jarring loss of 33,000 jobs for the month, as reflected in a Bureau of Labor Statistics report Friday, will change significantly.

Total employment in September declined by 105,000 "as many workers were off payrolls due to the recent hurricanes", the Labor Department said.

The modest decrease surprised economists, who had expected employment to rise by 90,000 jobs compared to the addition of 156,000 jobs originally reported for the previous month.

The jobs report does not include the U.S. Virgin Islands and Puerto Rico.

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

It came as no surprise to economists that the September jobs numbers were weak, after back-to -back hurricanes pounded the Southeast.

Among the major worker groups, the unemployment rates for adult men (3.9 percent) and Blacks (7.0 percent) declined in September.

The latest data helped soothe investors who have been anxious about Hurricanes Harvey and Irma dragging on USA economic growth.

However, Harvey and Irma did not affect the unemployment rate, which slipped to 4.2% - the lowest since February 2001.

If you were already bracing for a poor payrolls report for September, your hunch was right. 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 storms caused large-scale evacuations and severe damage to many homes and businesses". There was no discernible effect on the national unemployment rate. Another positive was that the labor force participation rate rose to 63.1% in September from 62.9% in August.

Still, those gains managed to top economist expectations for an addition of 125,000 jobs.

Gold was not impacted by the data one way or the other, with December Comex gold last seen trading at $1,269.10, down 0.32% on the day. But economists have long said that the economy needs monthly job growth of over 300,000 to help restore employment to many who suffered during the 2008-2009 downturn.

The United States' almost seven-year streak of job growth came to an end in September, as employers cut 33,000 jobs.

The Labor Department also revised numbers from July, which was brought down to 138,000, and August, which were brought up to 169,000. Factory activity expanded at the fastest pace in more than 13 years.

Average hourly earnings are forecast increasing 0.3 percent in September after rising 0.1 percent in August.

"Revenue trends are improving, but pricing remains under pressure", analysts at Liberum said in a note, as quoted by Reuters. easyJet's shares are now changing hands 2.96 percent lower at 1,246.00p.

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