Hurricanes in US cause 33000 job losses in September

Hurricanes which became an ongoing affair in the United States have not only been a problem for the lives of people but have also caused way too much in terms of job losses during the month of September. The employment rate fell down to 4.2 percent which is equal to 33000 job losses during this time.

The seven-year job growth streak came to an end after work stoppage was witnessed during those stormy days. However, these effects seem to be just temporary and not permanent.

A very steep reduction in employment was seen at restaurants and bars, which are directly related to weather. This resulted in a lot of decline in employment. Due to bad weather, 1.5 million people employed did not get to work in a month, which happens to be the highest in a decade.

The unemployment rates did fall to two-tenths of a percentage which is the lowest since February 2001. However, despite of the numbers affected by hurricane, job growth continues to be strong enough for driving unemployment down.

As per Goldman Sachs estimates, both Hurricanes Harvey and Irma resulted in lowering of job growth by 125,000 in the month.

Economic fallout from the hurricanes are expected to be only temporary, as per Yellen and other central bank officials. Growth is expected to bounce back soon.

Source: washingtonexaminer

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