Report | United States Employment Update - October 2017
After more than 80 consecutive months of growth, the U.S. labor market saw its first contraction, losing 33,000 jobs in net terms, largely a result of Hurricanes Harvey and Irma. The overwhelming majority of losses were concentrated in the leisure and hospitality sector, particularly in Florida (Puerto Rico is not counted in monthly figures), further exacerbating this contraction. Although September recorded contraction, underlying metrics remain solid. Headline unemployment dropped to a new cyclical low of 4.2 percent, while total unemployment has returned to pre-recession levels at 8.3 percent. Similarly, job openings broke a record high for a second consecutive month.
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