Despite the massive damage brought by hurricanes Irma and Harvey, not to mention the dire predictions from economists, the September jobs numbers were not seriously affected in the vast majority of key-areas.
According to a Friday report via the Bureau of Labor Statistics, the US labor force participation rate reached a high for 2017 last month, in September, standing at 63,1%, which is 2 tenths of a point up from August. There were 154,345,000 employed Americans as per September data, which makes for the sixth consecutive record since January, i.e. an all time high. The same story goes for the number of unemployed Americans, which hasn’t been this low since 2007: 6,801,000.
The unemployment rate also dropped to 94,417,000. This huge figure represents the number of Americans not in the labor force, and it declined in September from the record set during Barack Obama’s presidency (95,102,000).
On the bad side of the news, according to Bureau of Labor Statistics data, there were no new jobs added to the economy last month. It was actually a job-loss of 33,000 and the culprit seems to be the weather, i.e. the two hurricanes mentioned before (that was expected by the way). There has been a significant employment decline in drinking places and food services, together with some other industries, which reflected the impact of hurricanes Harvey and Irma, while employment figures rose in warehousing, health care and transportation.
For the past three months, the job gains averaged 91,000 as per Bureau of Labor Statistics numbers. Wages are also going up in September, as the average hourly earnings for employees on private non-farm payrolls grew by 12 cents, reaching $26,55. Prior to Bureau of Labor Statistics’s Friday report, President Trump tweeted:
“Stock Market hits an ALL-TIME high! Unemployment lowest in 16 years! Business and manufacturing enthusiasm at highest level in decades!”