BUSINESS GOVERNMENT NEWS

US Loses 33,000 Jobs in September

Rick Wheelen

Employment in the United States fell for the first time since 2010 this past month. The Labor Department says some 33,000 jobs were lost with a record drop in the leisure and hospitality sector, suggesting the impact of hurricanes Harvey and Irma are to blame.

The unemployment rate fell to its lowest mark since February 2001 – down to 4.2%.

The September report also showed that average hourly earnings rose 0.5% from August and have now risen 2.9% over the past 12 months.

It should be noted that both the unemployment rate and earnings average could be a direct result of a sharp decline in available lower paying jobs, such as food service and hospitality.

Economists originally predicted a rise of 90,000 jobs during the month of September.