United States economy loses jobs in September for first time 2010

The American economy experienced a net loss in jobs for the first time in seven years last month, according to data released on Friday from the U.S. Bureau of Labor Statistics (BLS). And the economy had added new jobs for 83 straight months. The national jobless rate dropped to 4.2 percent in September, which is the lowest since February of 2001, at the start of President George W. Bush's Administration.

On a more positive note, America's rate of unemployment rate, which is derived from the separate so-called "Household survey", fell sharply, retreating from 4.4% to 4.2%.

The PayScale Index, which tracks the change in wages for employed USA workers, showed 2.4 year-over-year growth for Q2 2017.

The United States' almost seven-year streak of job growth came to an end in September, as employers cut 33,000 jobs.

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The US jobs market stalled in September, losing 33,000 jobs, as Hurricanes Harvey and Irma took their toll.

And, since jobs data is collected during the week that contains the 12th of the month, September figures captured the tail end of Hurricane Irma as well as the extended impacts of Harvey. That could make the household survey a cleaner reading on underlying labor-market conditions last month.

The change in temporary help services employment for July was revised from +10,100 to +12,900, and the change for August was revised from +100 to +7,500. That survey counted people as employed even if they were temporarily out of work because of the storms.

In September, the pool of unemployed individuals was at 6.8 million. That's true even if those employees returned to work after the storm passed or will return.

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"We weren't able to do our normal hiring spree that we usually do going into the fall", Harmon said. The Labor Force Participation rate increased to 63.1 percent, the highest since March of 2014. With so many lower-wage restaurant and bar workers out of the calculation, average earnings got an artificial bump up, he said. Low-wage, hourly workers in other industries may also have been disproportionately affected by the storm.

Offshore oil-drilling rigs are already shuttering ahead of the coming Tropical Storm Nate, which is estimated to affect a quarter-million barrels of oil per day.

With that said, BLS says the hurricanes made no notable impact on the employment report other than reducing the estimate of total non-farm payroll employment for the month.

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