A record-breaking streak of job growth that began in 2010 under President Obama, the longest stretch of job growth in our history, has ended.
The economy lost 33,000 jobs in September while economists expected 90,000 jobs would be created.
Hurricanes Harvey and Irma damaged not only Texas and Florida but also the U.S. jobs picture, as payrolls fell by 33,000 in September. That drop came even as the unemployment rate fell to a 16-year low of 4.2 percent, the Bureau of Labor Statistics reported Friday.
The jobs loss was the first monthly decline in seven years, when the economy was still pulling out of the Great Recession.
While this can probably be attributed to Hurricanes Harvey and Irma, Bloomberg reports that economic data is expected to be "volatile" for several months as a result of this.
Given that Trump's response to recent disasters has been half-assed at best, I can't help but wonder if the economy will actually recover as quickly as some economists expect it will. It's not as if there is a normal, competent administration overseeing recovery efforts. Trump is just as likely to fuck something else up in the coming months if not tomorrow.
Also, there's another possible hurricane heading for the gulf coast right now.
— The Weather Channel (@weatherchannel) October 6, 2017
It's worth pointing out that job creation continued under President Obama even when Hurricane Sandy decimated the northeast.