Payrolls fell 33K on hurricanes, unemployment rate dropped to 4.2%, wages jumped
Nonfarm payrolls fell 33K in September. The BLS said “the net effect of these hurricanes was to reduce the estimate of” payrolls, but did not quantify the impact. The unemployment rate fell to 4.2% in September from 4.4% in August and the BLS said the hurricanes had “no discernible effect on the national unemployment rate.” Average hourly earnings jumped 0.5% in September, wage gains in the prior two months were revised higher, and year-over-year wage growth picked up to 2.9% from a revised 2.7% (was 2.5%).
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