The jobs report is out and it’s a weird one.
In September, the economy lost 33,000 jobs while the unemployment rate fell to a new post-crisis low of 4.2%.
This is the first negative print for headline payroll gains since September 2010 while the unemployment rate is now at its lowest level since February 2001. Friday’s report also broke a 90-month streak of private sector job growth.
Economists had expected that nonfarm payrolls would grow by 80,000 during the month with the unemployment rate expected to remain steady at 4.4%. This report, however, was impacted by hurricanes Harvey and Irma.