Post-Hurricane Economic Update
The U.S. labor market lost 33,000 jobs in September.
In the first employment report to capture the effects of Hurricanes Harvey and Irma, the Bureau of Labor Statistics reported that the U.S. labor market lost 33,000 jobs in September. While the loss snapped a record-breaking 83 consecutive months of job gains, the economic damage is likely to be short-term and the labor market should recover and possibly improve in the near future.
In other economic news, the Federal Reserve announced in September that it would be winding down its crisis-era support and shrinking the asset size of its balance sheet. This is a significant signal that the Fed sees a strengthening economy, and it allows the Fed to return to its traditional activities. In addition, if the economic data remain strong, the Fed may move once again to raise short-term interest rates in December.
Watch this month’s Economic Video Update with Robert Spendlove, Economic and Public Policy Officer for Zions Bank, to get his insight into these trends and a recap of current economic conditions.
The division of Economics and Public Policy at Zions Bank informs and educates employees, clients, and the community-at-large by providing insight and analysis on issues related to local, national and global economic trends as well as federal banking policies. The primary goal of the Economic and Public Policy team is to help individuals and businesses understand important issues that can impact their daily financial decisions. For more information and analysis, please visit zionsbank.com/economy.
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