U.S. jobless claims decline as hurricane impact ebbs in south
(Bloomberg) — U.S. filings for unemployment benefits fell last week as the impact of hurricanes Harvey and Irma faded in several states, Labor Department figures showed Thursday.
Highlights of jobless claims (week ended Sept. 30)
- Initial claims fell by 12k to 260k (est. 265k)
- Continuing claims increased by 2k to 1.938m in week ended Sept. 23 (data reported with one-week lag)
- Four-week average of initial claims, a less-volatile measure than the weekly figure, fell to 268,250 from 277,750 in prior week
- Applications for unemployment insurance fell by a combined 9,000 in Florida, Georgia and Texas last week before seasonal adjustments, as those states recover from the storms that struck in late August and early September.
- Claims for Puerto Rico were estimated again, as the island copes with severe damage and disruptions from Hurricane Maria.
It could take time for the full impact from the storms to be fully visible in data, as some offices could have been unable to process claims and those who were displaced by the weather take longer to file. At the same time, the volatility is expected to dissipate as business returns to normal in areas and workers come back. Before the storms, claims were hovering near the lowest level in more than four decades.
The impact from Harvey and Irma probably slowed hiring last month, with economists projecting 80,000 payroll gains — about half of August’s gain. The Labor Department releases those monthly figures for September on Friday.
- Prior week’s initial claims unrevised at 272,000
- Unemployment rate among people eligible for benefits unchanged at 1.4%
- Unadjusted claims from the Virgin Islands surged to 1,039 from 68 in the aftermath of Irma, Maria