US unemployment rate drops to 4.2%

Published: 10/10/2017

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According to the Bureau of labor and statistics, the US #Unemployment Rate stood at 4.2 percent last month from 4.4 percent in August. The bureau has also reported that 33,000 people lost their jobs last month compared to 169,000 people who entered the labor market in August. The agency has indicated that the job losses last month was as a result of job losses in the food services and drinking sector and the impact of hurricanes Irma and Harvey.

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More people were employed in the transportation, warehousing and healthcare sectors. The number of unemployed people in the US declined by 331,000 to reach 6.8 million. On average, 172,000 jobs were added in the US economy in the past 12 months.

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