Economy Posts First Job Losses in Seven Years

07 October, 2017, 00:17 | Author: Regina Lloyd
  • US Jobless Claims fall 12000 to 260000

A separate survey of employers showed that payrolls were battered by hurricanes Harvey and Irma in August and September.

For technical reasons about how the different surveys are conducted, the unemployment rate was probably not affected by the storms, and it fell to 4.2 percent last month, its lowest rate in more than 16 years. Bars and restaurants lost 105,000 jobs, for example.

The unemployment rate is at 4.2 percent, and the number of unemployed persons is at 6.8 million, which is 0.2 percentage points down from the previous month's 4.4 percent unemployment rate and 7 million unemployed persons. Average hourly earnings ratcheted up 0.5% to a year-over-year +2.9%, which is not insignificant.

Goods-producing employment rose by 9,000 jobs during the month, as gains in construction led by adding 8,000 jobs in September. Businesses destroyed or that could not be contacted by the Labor Department because of storm damage would affect the jobs numbers as well.

ThinkMarkets analyst Naeem Aslam said the earnings figure showed "that job market slack is fading".

The civilian labor force participation rate was 63.1%, an improvement from August's 62.9% rate.

Ian Shepherdson of Pantheon Macroeconomics said: "Unemployment is what matters, and this report therefore makes a December rate hike even more likely".




Hourly workers who couldn't work and missed a paycheck would have been counted as not working, thereby lowering September's job total. That suggests that pay could be picking up, even excluding the storms, and encouraging more people to look for work.

The Department of Labor released its hiring and unemployment report for the month of September Friday, and it's bad news for President Trump.

The storms' effects are easy to detect in the underlying figures. In fact, the bureau reports that more than 11 million workers were employed in FEMA-designated disaster areas, amounting to nearly 8 percent of the nation's employment.

It is the first decline in the number since September 2010. At the current average for the year-to-date, it would take more than 13 years.

The national estimates do not incorporate employment data from Puerto Rico or the U.S. Virgin Islands.

Hurricane Irma made landfall in Florida on September 10-during the reference period for both the establishment and household surveys-causing severe damage in Florida and other parts of the Southeast.

Recommended:

  • New 'Stranger Things 2' Scene Revealed After Beating Mobile Game

    New 'Stranger Things 2' Scene Revealed After Beating Mobile Game

    As an example, Nancy uses bats and Lucas has a Wrist Rocket. Stranger Things are afoot again in Hawkins, Indiana. Stranger Things 2 premieres October 27 on Netflix .

    'Hell In A Cell 2017' Kickoff Show Match Announced

    Aiden English via pinfall: Orton RKO'd English after about 90 seconds as well with Rusev watching on from ringside. Kevin Owens has made another huge statement ahead of his Hell in a Cell clash with Shane McMahon this weekend.
    Monday forecast: partly sunny, high 75

    Monday forecast: partly sunny, high 75

    The high will be near 81 with a south wind of 11 to 15 miles per hour , gusting as high as 21 miles per hour . New rainfall amounts between a tenth and quarter of an inch, except higher amounts possible in thunderstorms.
  • Yankees vs. Indians Odds: MLB Playoffs Series Odds, Prediction

    Yankees vs. Indians Odds: MLB Playoffs Series Odds, Prediction

    The 6-foot-7 Miller was magnificent in last year's postseason, striking out 30 over 19 1/3 innings and winning ALCS MVP award. Their depth, especially on the mound, and home field advantage will be too much for this year's Yankees to overcome.
    Hill Russia investigators: Committee still searching for 'any hint of collusion'

    Hill Russia investigators: Committee still searching for 'any hint of collusion'

    TechCrunch has reached out to Facebook about its reaction to today's committee briefing and will update if and when we hear back. Burr said the Russians had been "pretty darn successful" in fomenting chaos in the USA political system.
    Samsung HMD Odyssey brings spatial audio to Windows Mixed Reality

    Samsung HMD Odyssey brings spatial audio to Windows Mixed Reality

    We'll have more details later today from San Francisco where Microsoft is showing off its mixed reality devices. Halo: Recruit will also be available as a free download along with the Creators Update on october 17 .
  • Russian hackers target secrets taken by NSA worker

    Russian hackers target secrets taken by NSA worker

    Kaspersky , meanwhile, said there "has not been provided any information or evidence substantiating this alleged incident". First, the Kaspersky AV software does not appear to have played a role in the actual exfiltration of the classified data .
    Fired Construction Worker Kills Foreman, Self at Job Site

    Fired Construction Worker Kills Foreman, Self at Job Site

    A disgruntled former worker at a high-rise construction site killed a foreman and then himself on Thursday, police said. They described the gunman as "a little insane ", but would never have expected this.
    Marco Rubio Backs State Department Removing Cuban Diplomats from US

    Marco Rubio Backs State Department Removing Cuban Diplomats from US

    Among the symptoms experienced by affected diplomats are hearing loss, headaches, trouble sleeping and balancing difficulties. This comes after the US ordered most of its own personnel out of Havana, citing attacks targeting American Embassy employees.
  • NNPC: Kachikwu keeps mum after meeting with Buhari

    NNPC: Kachikwu keeps mum after meeting with Buhari

    There was a show of curiosity among pressmen on Friday at the end of the meeting between President Muhammadu Buhari and the Minister of State For petroleum, Ibe Kachikwu .
    Trump Visits Shooting Victims, First Responders In Las Vegas

    Trump Visits Shooting Victims, First Responders In Las Vegas

    He also tried to console the country, saying "our unity can not be shattered by evil, our bonds can not be broken by violence". The president then met with civilian heroes and first responders.
    Google Home Mini speaker official

    Google Home Mini speaker official

    The Google Home Max has a fabric design for the grille, with the speaker available in two color options - chalk and charcoal. Thanks to Voice Match, you'll be able to quickly speak tasks and control smart home appliances around the house.


Popular

Five toddlers burned alive in arson attack on nursery
The incident left the perpetrator "with burns all over his body", Bruno Ataide Santos , director of the local hospital stated. A firefighter in the city of Janauba said on Thursday that the guard was among those injured and was in serious condition.

Pelosi calls birth control decision a 'new low'
President Donald Trump gathers with Congressional Republicans in the Rose Garden of the White House on May 4, 2017. The ACLU has filed a lawsuit , saying the new rule promotes discrimination against women.

Authorities recover 42 guns from gunman's hotel room, house
Lombardo said after Paddock shot a security guard, he stopped shooting, so officers used the time for planning. Asked to characterize his brother, he termed him an average man who " drove down and gambled in Las Vegas ".

Bounce tops google play store downloads
You can still access your Assistant by pressing and holding down your home button or by simply saying, " Ok Google ". All that's left is for developers of Assistant apps and actions to support those languages too .

Attorney General Jeff Sessions Revives Bush-Era Crime Plan
Working with this interpretation, Title VII also bans discrimination against transgender employees because they are transgender. Jeff Sessions says in his memo that this is about "law, not policy" but the courts clearly disagree.

3 billion Yahoo accounts compromised in 2013 hack
The company also added that they are continuing to work closely with law enforcement, and the US Federal Communications commision. The new information about the breach is coming from an investigation after Verizon acquired Yahoo in a $4.48 billion deal.

Las Vegas Shooting: Paddock's 'Girlfriend' Has Left Philippines
She flew from Manila to Hong Kong on September 22 and returned to Manila on September 25 before flying to Los Angeles Tuesday. Paddock sent the money to an account before setting up a sniper's nest on the 32nd floor of the Mandalay Bay hotel on Sunday.

Key Decisions to Bolster Iran-Turkey Cooperation
He will also meet with Iran's supreme leader, Ayatollah Ali Khamenei, during his trip to Tehran. Erdogan is in Iran discussing Kurdistan's referendum as well as bilateral relations.

Cheap solar energy the fastest growing new power source
By 2022, clean energy will produce much more electricity than gas and inch even closer to closing the gap with coal. The share of renewables in power generation will reach 30 per cent in 2022, up from 24 per cent in 2016.

Here's another look at Google Pixel 2 XL and Google Home Mini
They are identical, but they have the suffix of _b.png and happen to be correlated with a device referred to as "google-home-big". If the name is anything to go by, the Google Pixelbook is going to be a brand new Chromebook from Google itself.