Jobless rate at a 17-year low

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THE UNEMPLOYMENT rate dropped to its lowest point in nearly 17 years in October as the U.S. rebounds from hurricanes that stalled hiring a month earlier, the Department of Labor said Friday.

Employers added 261,000 jobs, the best month under President Trump, but short of economists’ expectations of 315,000.

In September, only 18,000 jobs were added as thousands of businesses were forced to close during Hurricanes Harvey and Irma slammed in to the Southeast U.S.

That figure corrects earlier estimates that said 33,000 jobs were lost during the month.

The surveys that the Bureau of Labor Statistics uses for its monthly reports do not cover Puerto Rico, which is still struggling in the wake of Hurricane Maria.

While the unemployment rate declined to 4.1%, the lowest in nearly 17 years, from 4.2% in September, it dropped for a lessthan-encouraging reason — many people stopped looking for work and so were no longer counted as unemployed. The proportion of adults who are either working or looking for work fell last month to 62.7%, slightly lower than a year ago.

The average hourly earnings also missed targets growing by 2.4%, following expectations of 2.7% annual growth.

Experts said that figure might have been distorted by the recovery from the storm damage. Many lower-paid workers returned to their jobs last month in restaurants and bars, and their influx could have depressed overall pay.

People are optimistic about the country’s overall economic outlook.

Consumer confidence reached its highest level in nearly 17 years in October, according to the Conference Board.

The economy expanded at a 3% annual rate in the July-September quarter, after a 3.1% gain in the second quarter.

“Looking through the volatility from the hurricanes, the U.S. job market is in good shape,” said Gus Faucher, chief economist at PNC Financial.