The Mainstream Media Instantaneously Blamed Hurricanes Harvey and Maria for September’s Internet-Lack of Jobs, however Previous Storms Inform a Totally different Story
The ultimate jobs report of President Barack Obama’s presidency cemented his legacy as having overseen the longest consecutive streak of months with constructive job progress because the finish of the Nice Melancholy. For the nation as an entire, that streak continued via the first eight months of Donald Trump’s tenure within the White Home. With the discharge of the September 2017 jobs report, nevertheless, America’s streak got here to a crashing halt with 33,000 jobs misplaced. It was the primary month of internet job losses in precisely seven years. And in the event you take heed to a lot of the in style media, the reasoning is straightforward: Hurricane Harvey and Hurricane Maria. Finish of story.
“U.S. Misplaced 33,000 Jobs in September as Hurricanes Roared Via” was the headline on the New York Occasions’ push alert. Enterprise Insider said “US Financial system Sheds Jobs For First Time Since 2010 as Hurricanes Hit“. CBS Information added, “U.S. Loses 33,000 Jobs after Hurricanes Slam Texas, Florida“. The Los Angeles Occasions, BBC Information, Reuters and Trump’s punching bag du jour, NBC Information, likewise led with hurricane-centric headlines.
To be truthful, there isn’t any denying that the damaging storms had an opposed financial impression. The Related press dives deeper into the job losses, noting:
Final month’s drop was pushed by big losses in eating places and bars, which shed a hundred and five,000 jobs, an indication of the injury to Florida’s tourism business.
Previous Hurricanes Did Not Register on Jobs Report like Maria and Harvey
The Atlantic and Gulf coasts have suffered intense hurricanes within the not-so-distant previous. A research of their financial impacts doesn’t fairly match the media narrative that hurricanes equal job losses.
All jobs-associated numbers courtesy of the Bureau of Labor Statistics.
- Hurricane Katrina made landfall in late August 2005. It was the most expensive storm in American historical past, with $108 Billion value of injury. The financial system added sixty seven,000 jobs in September and a further eighty four,000 in October. Hurricane Wilma adopted in October but November and December each posted over 500,000 jobs mixed.
- Hurricane Sandy, which decimated the financial hub of New York Metropolis to the tune of $seventy one Billion in October 2012 preceded 132,000 new jobs in November and much more in December.
- Hurricane Ivan introduced over $18 Billion value of injury to the Southeast in September 2004 however the nation added 346,000 jobs the subsequent month.
- Hurricane Irene induced widespread flooding and storm injury up and down a lot of the Atlantic coast in late August 2011. It was the seventh-costliest storm in American historical past earlier than the 2017 season. September and October totaled over 450,000 new jobs.
- Hurricane Andrew — which was the costliest hurricane ever till Katrina — nonetheless managed to steer right into a internet jobs report regardless that the nation was nonetheless recovering from the early 1990’s recession.
All the above…