How Hurricanes Impact The Job Market
Hurricane-related impact hit the job market, causing a 33,000 net loss for US jobs in September. At the same time, the unemployment rate DROPPED to 4.2% nationally, and the number of people going from out-of-the-labor-market into jobs jumped to an ALL-TIME HIGH last month, as the number of people flowing into unemployment actually fell. AGAIN – Job Creation went negative for the first time in 7 years, but workers are rushing from not seeking work to work and the unemployment rate fell. Hard to reconcile that one, eh? While these numbers can be volatile, they provide the latest confirmation that Americans are being pulled into work as the labor market tightens.