Economy Loses 33,000 Jobs in September. First Loss in Seven Years
Posted on October 6, 2017
The economy lost 33,000 jobs in September. The loss can in part be blamed on the Hurricanes Harvey and Irma. It could also be signs of a weakening economy. The economy needs at least 145,000 new jobs per month to hold the unemployment rate steady. This is the worst jobs month under President Trump. It is also the first monthly decline in a jobs report in seven years. There is hope that rebuilding in Houston and Florida will create new jobs.The month of July was revised down by a huge amount - over 50,000 jobs and the August report was revised slightly upward. The new result was 38,000 less jobs than previously reported. The average job gains by the economy are now a measly 91,000 for the past three months.
The best industry in September was health care which added 23,000 jobs. Transportation and warehousing was second with 22,000 jobs added. The big loser was in food services and drinking places, which plunged by 105,000 jobs. The BLS says much of this was hurricane-related. The BLS says in a report, "Employment in food services and drinking places dropped sharply in September (-105,000), as many workers were off payrolls due to the recent hurricanes. Over the prior 12 months, food services and drinking places had added an average of 24,000 jobs per month."