631 Participation Rate Reaches TrumpEra High
(CNSNews.com) – Hurricanes Harvey and Irma are long gone, and despite dire predictions, they did not dampen the September jobs report in most key areas.
The Bureau of Labor Statistics on Friday said the labor force participation rate of 63.1 percent reached a high for the year in September, up two-tenths of a point from August.
The number of employed Americans reached 154,345,000 in September, setting a sixth record since January. As the number of employed Americans reached an all-time high, the number of unemployed Americans in September -- 6,801,000 -- hasn't been this low since May 2007.
The already low unemployment rate dropped another two-tenths of a point to 4.2 percent last month. That is the lowest since early 2001.
BLS noted that the recent hurricanes had "no discernible effect on the national unemployment rate."
The number of Americans not in the labor force declined a bit in September to 94,417,000. The record, set in the final full month of the Obama presidency, stands at 95,102,000 Americans not in the labor force.
On the negative side, BLS said no new jobs were added in September: In fact, BLS counts a job loss of 33,000, and it blamed the net effect of the two hurricanes for the negative jobs-added number.
BLS noted that a “steep” employment decline in food services and drinking places and below-trend growth in some other industries likely reflected the impact of Hurricanes Irma and Harvey. Employment rose in health care and in transportation and warehousing.
BLS said job gains have averaged 91,000 over the past three months.