U.S. loses 33,000 jobs in September

The U.S. economy shed 33,000 jobs in September, according to the latest report from the Bureau of Labor Statistics, while unemployment fell to 4.2 percent.

The September payrolls drop broke a nearly seven-year streak of continuous job gains, but economists caution that the drop is likely representing the short-term consequences of bad weather, not a long-term shift in the job market.

Before this report, the economy had added an average of about 175,000 jobs per month; the unemployment rate has been at 4.3 or 4.4 percent since April.

Job growth in September was expected to be lower than usual because of the effects of several devastating hurricanes. Economists did not generally predict an actual decline, but a not-so-stellar report was widely anticipated.

Continue reading

Photo: Dreamstime.com