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Home>UPDATE: Hurricanes may make it look like U.S. 'lost' jobs for the first time since 2010

UPDATE: Hurricanes may make it look like U.S. 'lost' jobs for the first time since 2010

UPDATE: Hurricanes may make it look like U.S. 'lost' jobs for the first time since 2010

10/06/2017

By Jeffry Bartash, MarketWatch

Hurricanes made it harder for some to work, but economy just fine

The United States last month might have suffered the first drop in eight years in how many Americans are working. But it's not because something bad is brewing for the economy.

The U.S. has increased hiring 83 months in a row going back to October 2010. Yet that streak is in danger of ending, at least briefly, owing to hurricanes Harvey and Irma.

The pair of superstorms carved a swath of destruction through Texas and Florida, the states with the second and fourth highest number of working Americans.

The disruptions could stunt U.S. employment levels in September since so many people could not get to work. The government only counts as employed the people who were actually at their jobs.

Economists surveyed by MarketWatch predict fewer than 100,000 new jobs were created last month. But that's really just a wild guess and some would not be surprised by an outright decline.

"We have as little confidence in our forecasts of the September employment report as it is possible to have, which is to say none at all," said Richard Moody, chief economist at Regions Financial.

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