Beneath Hurricane-Hit Payrolls, U.S. Labor Market Shows Strength
- Jobless rate falls, participation rises, wage gains pick up
- Outside of storms, labor market ‘seems to be still solid’
U.S. Sept. Payrolls Fall 33,000, Jobless Rate 4.2%
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Two major hurricanes knocked down payrolls in September, yet the U.S. labor market is holding up just fine.
That’s the broad message from employment figures released Friday by the Labor Department. Payrolls fell for the first time since 2010, reflecting Hurricane Harvey’s impact on Texas and Irma’s fallout in Florida. At the same time, the unemployment rate dropped to a new 16-year low and labor participation increased, indicating Americans are coming off the sidelines and into work.