The U.S unemployment rate hit a new low since February 2001 after Hurricane Harvey and its effects distorted employment figures. According to the U.S. Bureau of Labor Statistics, the U.S. economy lost 33,000 jobs in the non-farm sector in September against expectations of an 88,000 gain. However, after revisions to previous months’ figures, the unemployment rate dropped from 4.4% to 4.2% as over 331,000 people either found work in the farm sector or retired.
The total number of employed persons in the non-farm sector at the end of September was 146.7 million and 154.3 million overall. Over the past twelve months, 2.4 million jobs have been created in the U.S. with nearly 1.8 million of those in the non-farm sector. Another figure which is indicative of the strength of the U.S. economy is a higher employment-to-population ratio. In September the ratio jumped from 60.1% to 60.4%, while the participation rate increased from 62.9% to 63.10%.
