US Economy Rebounds From Hurricanes, Adds 261,000 Jobs in October

Actuary.com

September’s employment growth was revised from a loss of 33,000 jobs initially reported last month, to a gain of 18,000 jobs. This revision also restores the U.S. job market’s record growth streak, now sitting at 86 consecutive months

The U.S. economy added 261,000 jobs in October, according to preliminary numbers reported by the U.S. Bureau of Labor Statistics Economic Situation report released on Friday, November 3, 2017.

“October’s gains largely represent a return to normal after Hurricanes Irma and Harvey disrupted job growth in September,” said Jay Rollins, owner of Actuary.com, a leading career website specializing in actuary job postings. “September’s employment growth was revised from a loss of 33,000 jobs initially reported last month, to a gain of 18,000 jobs. This revision also restores the U.S. job market’s record growth streak, now sitting at 86 consecutive months.”

Unemployment dropped by 0.1 percentage point to 4.1 percent in October while the number of unemployed persons dropped by 281,000 to 6.5 million. “Last month, unemployment reached its lowest rate since December 2000, when it was 3.9 percent,” said Rollins. Since the beginning of the year, unemployment has declined by 0.7 percentage point, while the number of unemployed persons has decreased by 1.1 million.

October’s job gains largely occurred in professional and business services (+50,000 jobs), manufacturing (+24,000 jobs), and health care (+22,000 jobs). Employment in food services and drinking places rebounded from the impact of late summer hurricanes, rising sharply from a loss of 98,000 jobs in September to an increase of 89,000 jobs in October.

Employment in other major industries, including mining, construction, wholesale trade, retail trade, transportation and warehousing, information, financial activities, and government, changed little in October.

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