Actuary.com
September’s employment loss was the first monthly decline since September 2010 when the economy was still pulling out of a recession. While the economy lost jobs, the unemployment rate fell to a 16-year low -- the lowest it’s been since 2001.
Atlanta, GA (PRWEB) October 31, 2017
The US economy lost 33,000 jobs in September according to preliminary numbers reported by the U.S. Bureau of Labor Statistics released on Friday, October 6, 2017.
“September’s employment loss was the first monthly decline since September 2010 when the economy was still pulling out of a recession,” said Jay Rollins, owner of Actuary.com, a leading career website specializing in actuary job postings. “While the economy lost jobs, the unemployment rate fell to a 16-year low -- the lowest it’s been since 2001.”
Last month, the unemployment rate dropped by 0.2 percentage point to 4.2 percent, while the number of unemployed persons dropped by 331,000 to 6.8 million. “The BLS believes hurricane Irma and Harvey had no discernable effect on the national unemployment rate but may have directly impacted total nonfarm payroll employment,” said Rollins.
Hurricane Irma and Harvey’s impact was largely felt in food services and drinking places which lost 105,000 jobs. Over the past 12 months, this sector has added an average of 24,000 jobs a month.
Jobs gains for the month occurred in health care and transportation and warehousing, which added 23,000 and 22,000 jobs respectively. Minor gains also occurred in professional and business services (13,000 jobs) and financial activities (10,000 jobs).
In addition to food services and drinking places, job losses also occurred in manufacturing (-1,000 jobs). Other major industries, including mining, construction, wholesale trade, retail trade, information, and government, showed little change over the month.
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