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.