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Storms Drive Job Figures Down

The U.S. jobs market lost ground in September in the wake of hurricanes Irma and Harvey, which slammed the Gulf Coast region and Southeast Texas within two weeks of each other, the U.S. Department of Labor reported.
The unemployment rate fell to 4.2 percent in September however the overall number of people classified as unemployed also declined. Over the last 12 months, an average of 172,000 jobs have been added each month.
“The key statistic in the September jobs report is the fact that wages grew 2.9 percent ,” said Lawrence Yun, chief economist for the National Association of Realtors. “The tightening labor market, with unemployment at 4.2 percent and the number of job openings at high levels, assure more wage gains in the near future.”
Employment in the construction industry was little changed, but some economists believe that the construction industry’s employment numbers will be boosted in the coming months in response to the hurricanes. Yun said the construction workers will likely be drawn away from needed new-home construction projects to respond to the demand in hurricane-affected areas, however.
Yun added, “unfortunately, housing shortages will last longer and home prices will no doubt continue to outpace wage growth for the foreseeable future.”

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