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Hurricane Harvey, Irma limit US hiring in Sept; services sector resilient

The two storms did cause delays in supply deliveries and a drawdown on inventories


US companies scaled back their hiring to an 11-month low in September after two powerful hurricanes disrupted some business activities, while the vast domestic services sector overcame those snags to expand at its fastest pace in 12 years. The latest data helped soothe investors who have been worried about Hurricanes Harvey and Irma dragging on U.S. economic growth. "We have to at least entertain the notion that an economy that was already in pretty solid shape cyclically is picking up momentum heading into the fall," said Stephen Stanley, chief economist at Amherst ...

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First Published: Thu, October 05 2017. 11:29 IST