The private sector exceeded job growth expectations in September, despite a stumble due to one of the most devastating hurricane seasons in recent memory.
According to data from the U.S. Labor Department, the number of people filing for unemployment benefits dropped by a combined total of about 9,000 in Florida, Georgia and Texas by the end of the month. These numbers were tallied and adjusted following the destruction of hurricanes Harvey and Irma.
Prior to the storms, unemployment claims were hovering around 40-year lows, with this past February seeing the lowest jobless rate claims since 1973. Unemployment claims spiked immediately after the storms, but have dropped back down by 12,000 claims to a total of 260,000 as the affected areas start to rebuild. According to Bloomberg Markets, experts say that business is expected to resume normality as workers return and recovery efforts progress, but the full affect of these storms, plus Hurricane Maria's impact on Puerto Rico, may not be immediately tallied.
Reuters reported that capital goods orders exceeded expert expectations, as goods and services exports hit a 2.5-year high. The trade deficit saw little motion, maintaining a $61.8 billion average.