Hurricane Irma and Harvey have heavily impacted employment in the United States. For the first time in seven years, the U.S. economy experienced a job declining, caused by employers cutting 33,000 jobs. Jonathon Wright, an economist for Brooklyn Institutions, estimated that there would have been a 67,000 increase in jobs if the Hurricanes had not hit the U.S. The monthly job report has a section that describes people as people who usually have jobs but do not because of the weather. This year, 1.5 million full-time and 3 million part-time workers fell into that category. The average wage raised marginally, which to some people looks like a good thing. In reality, many low-payed, low-skilled workers were laid off. So, the increase in average wage is not something to be excited about in this circumstance. The numbers in September were bad, but they did not even include the Hurricane that happened in Puerto Rico. Obviously, September was not a good month for the job market, but October looks a bit more promising. Most of the people that have been unable to work in Texas and Florida, will be able to get back to their jobs by the end of October. Also, due to all of the damage caused by the hurricane, there is an increased demand for construction workers and insurance adjusters. Therefore, there should be a good amount of job growth in October.
https://www.nytimes.com/2017/10/06/business/economy/jobs-effect-hurricane-harvey-irma.html?rref=collection%2Fsectioncollection%2Fbusiness-economy&action=click&contentCollection=economy®ion=stream&module=stream_unit&version=latest&contentPlacement=4&pgtype=sectionfront
I think that it would be a a success if those affected by the hurricane were able to get their jobs back by October. The damages done by the tropical storms were pretty devastating. That being said, the number could also be a lot worse with the damages. It is a damaging blow for the economy if those numbers were true about those being employed in the monthly report.
ReplyDeleteI think that because the numbers don't include Puerto Rico, we won't see as many many people getting their jobs back because it will skewed data. People in Texas and Florida will most likely be able to reattain jobs or find new ones by the end of October because the damages will be mostly subsided by then. The demand to get things rebuilt will cause construction jobs to rise. And due to all the damages the need for insurance agents is high because of all the people at once they have to deal with trying to collect their claims.
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