The Labor Department reports the U.S. workforce shrank by 33,000 jobs in September as employment was cut by hurricanes Harvey and Irma. It was the first contraction in seven years. Economists expected 75,000 new nonfarm jobs, but estimates were all over the map because of uncertainty about the effects of the storms. The unemployment rate fell to 4.2% from 4.4%. That’s the lowest level since December 2000. Wages increased by 12 cents, or 0.5%, to an average of $26.55 an hour. Hourly pay is up 2.9% from September 2016. The average workweek was unchanged at 34.4 hours.
That data shows the retail sector lost 2,900 jobs in September, after losing 7,300 jobs in August, and 10,800 in July. So far in 2017, the retail industry has lost about 72,000 jobs. According to the outplacement firm Challenger, Gray & Christmas, job-cut announcements in the industry from big retailers like Macy’s and Sears have surged 37%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
