Non-Farm Payrolls Decline For First Time Since 2010
The September employment report released Friday showed non-farm payrolls fell by 33,000, the first decline since September 2010, following a net 38,000 downward revision to July-August payroll figures.
Economists had expected payrolls to rise 93,000, according to IFR markets.
The Bureau of Labor Statistics said the exact impact of Hurricanes Harvey and Irma, which hit between the August and September survey weeks, could not be quantified.
The report showed that the unemployment rate dipped to 4.2% from 4.4% in August, compared with expectations for the rate to remain 4.4%. The labor force surged by 575,000, household employment was up 906,000 and unemployed total fell by 331,000.
Average hourly earnings jumped by 0.5% in September, stronger than the 0.3% gain expected, after a 0.2% August gain. The 2.9% year-over-year rate in September was up from 2.7% in August.
The overall average workweek held steady at 34.4, while manufacturing workweek stayed at 40.7 hours.