US economy loses jobs for first time in seven years

US economy loses jobs for first time in seven years

Non-farm payrolls declined by 33,000 in the month, against expectations of 90,000 new job

The US economy experienced a shock fall in jobs in September, the first monthly decline since 2010

Average earning were recorded as growing at an annual pace of 2.9 per cent, up from 2.7 per cent previously, and higher than the 2.5 per cent Wall Street analysts had pencilled in.

The dollar index, which measures the value of the greenback against a basket of global currencies, spiked above 94.23 in the immediately wake of the data, but rapidly came back down.

“Traders were pricing in a weak print given the severe disruption caused by Hurricanes Harvey and Irma, and even though it came in far worse than expected the markets will go into the weekend feeling there is no reason to panic,” said Marcus Bullus, trading director of MB Capital.

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