The U.S. economy lost 33,000 jobs in September while the unemployment rate fell to 4.2%, compared with economist expectations of 75,000 new jobs and a 4.4% jobless rate.
Last month was the first in seven years when the U.S. economy lost jobs. It bled 52,000 jobs in September of 2010.
Why the unemployment rate fell: The jobs report is actually a collection of two different surveys, one of businesses that gives us the number of job gains or losses, and a survey of households, from which the unemployment rate is devised. The household survey showed a huge increase in jobs, further bolstering the case that September's number are largely a hurricane-related fluke.
