US Economy Hit by Hurricanes, But Unemployment Falls
It’s the latest victim. Families, homes and infrastructure were ravaged by Hurricanes Harvey and Irma — and now, their damage to the U.S. economy has become clear. Released today, the Labor Department’s monthly report has found that 33,000 jobs have disappeared in the aftermath, the first such slump in seven years. While the figures are reportedly worse than expected, there’s a silver lining: The overall employment rate dropped to 4.2 percent, while wages rose by 0.5 percent. That’s why economists are split over just how damaging the storms were to the economy’s long-term health.