gpolit.com
gpolit.com December 13, 2017


How hurricanes could distort September jobs numbers

07 October 2017, 12:17 | Kenneth Drake

Hurricanes hit US hiring in September, services sector resilient

US Jobless Claims fall 12000 to 260000

As the Labor Department reported that the US economy lost 33,000 jobs in the month of the September - possibly due to the impact of Hurricane Harvey and Hurricane Irma - the numbers behind that new jobs report did not seem to indicate a broader negative outlook for the USA economy, but it's clear that economic growth still hasn't moved into a higher gear as yet in the Trump Administration.

Economists expected the economy to add about 90,000 jobs last month. The median forecast called for 100,000 jobs to be added in September and the unemployment rate to hold steady at 4.4%.

The unemployment rate, which was 4.4% in August, fell to 4.2%.

The job losses were so substantial that it caused the number of jobs across the entire US economy to shrink by 33,000 last month.

And average hourly earnings jumped by 12 cents in September to $26.55.

It seems a little risky to rely on data that shows an increase of nearly a million jobs in a month.

The longest streak of monthly job gains, going back to September 2010, is over: the national economy lost 33,000 jobs in September, an outcome the Labor Department is attributing to the effects of Hurricane Irma.

As total nonfarm employment declined for the month, temporary help experienced mild growth, on top of favorable revisions for the two prior months. 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.

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

Unemployment is at the lowest level since February 2001.

The labor force participation rate (63.1 percent) and the employment-population ratio (60.4 percent) remain essentially unchanged from August. Summaries from July and August showed impressive growth in the residential construction sector, giving economists a glimmer of hope that an inventory increase was on the way, but Hurricanes Harvey and Irma stifled that growth.

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.

The figures are closely monitored by policy makers at the Federal Reserve as a way to determine underlying trends and future economic strategy.

Hurricane Maria, which devastated Puerto Rico and the U.S. Virgin Islands, did not affect this report.



Other News

Trending Now

Saudi Arabia agrees to buy Russian S-400 air defense system
Saudi king at airport, Russian Deputy Prime Minister Dimitriy Rogozin and Russian Foreign Minister Mikhail Bogdanov welcomed. Now after the United States began working more closely with Israel, Saudi Arabia has started expanding its worldwide ties".

Kashmir: Three killed as militants attack paramilitary camp in Srinagar
Meanwhile, a constable of Indian police was killed by unknown attackers in Padgampora area of Pulwama district on Monday night. The militants positioned themselves inside barracks of the BSF and there was heavy exchange of gunfire between the two sides.

Titans sign Brandon Weeden after Marcus Mariota injury
As a result, Matt Cassel is in line to start if Mariota is ultimately designated inactive. If Mariota plays, he could be limited in his designed run plays as that hamstring heals.

In face of Las Vegas shooting, congressional inaction
Lombardo said that Paddock had enough ammunition to keep firing, and only a few of his weapons had jammed. Paddock had 23 guns inside the suite, as well as hammers, LVMPD Assistant Sheriff Todd Fasulo said.

British retail giant Tesco makes a 'turnaround', reports a rise in profits
Dave Lewis , the group's CEO, said: "We are continuing to make strong progress". The company said its turnaround is firmly on track.

Vince Gill, Keith Urban Help Bring Healing During Nashville Vigil
He then performed a powerful cover of Simon and Garfunkel's classic tune " Bridge Over Troubled Water ". On Monday night, Nashville hosted a candlelight vigil paying tribute to those affected by the tragedy.

The Republican 20-Week Abortion Limit
Polls consistently show that large, diverse majorities of Americans support this legislation - women in higher numbers than men". The lone no vote from the state's delegation to the House of Representatives was Cedric Richmond, a Democrat from New Orleans.

Pence pledges that USA will go to the moon, Mars and beyond
He called the moon a "stepping stone" and "training ground" to help refocus the program on "human" space exploration. Trump administration officials are pledging to send Americans back to the moon - and then on to Mars.

Las Vegas shooting updates: Portraits of the victims emerge
Paddock and Danley moved around constantly, with properties in Arkansas, Nevada, California and Texas, public records show. Paddock was found dead in his room of a self-inflicted gunshot wound before midnight, as law enforcement closed in.

BSF Camp Near Srinagar Airport Attacked
Besides the AK 47 rifles and pistols, some grenades were also recovered from the possession of the militants, said officials. Khan, who heads the police force in the Kashmir Valley, denied that there had been a security breach that led to the attack.