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  • US Loses 33K Jobs in September as It Deals With Storm Damage, First Drop in 7 Years Economists at JPMorgan Chase had estimated that Hurricanes Harvey and Irma will have lowered last month’s gain by 75,000

US Loses 33K Jobs in September as It Deals With Storm Damage, First Drop in 7 Years Economists at JPMorgan Chase had estimated that Hurricanes Harvey and Irma will have lowered last month’s gain by 75,000

6 October 2017 NBC 6


US Loses 33K Jobs in September, First Drop in 7 Years

The U.S. lost 33,000 jobs in September after Hurricanes Harvey and Irma hit Texas, Florida and other Southeastern states. It was the first decline in seven years. The unemployment rate fell to 4.2 percent from 4.4 percent, the Labor Department said Friday, the lowest level since February 2001.


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  • Rijomi2

    Two major points to consider:
    More than 11 million people had been employed in the 87 counties in Texas and Florida that were declared disaster areas, the government says. That’s equal to about 7.7 percent of the nation’s workforce. Hourly employees in the area who couldn’t work and missed a paycheck were counted as not working, thereby lowering the September job gain. That’s true even if those employees return to work after the storm passes.

    On Wednesday, a survey of services firms — covering restaurants, construction companies, retail stores, banks and others — found that they expanded in September at their fastest monthly pace since 2005. That followed a survey of manufacturers, which found an equally strong gain. Factory activity expanded at the fastest pace in more than 13 years

    Seems to me that a job ‘lost” that is really not lost and a job “gain” that is not really a gain should be adjusted for disasters like this and not create a +/- spike