Posted on 10/19/2017 12:29:28 PM PDT by SeekAndFind
WASHINGTON – The number of Americans filing applications for new unemployment benefits fell to the lowest level in 44 years, reflecting power outages in storm-ravaged Puerto Rico and the U.S. Virgin Islands that have disrupted the application process.
Initial jobless claims, a proxy for layoffs across the U.S., fell by 22,000 to a seasonally adjusted 222,000 in the week ended Oct. 14, the Labor Department said Thursday.
The sharp drop obscures underlying trends in the labor market. Many applying for unemployment benefits in Puerto Rico and the U.S. Virgin Islands, which were recently devastated by Hurricanes Irma and Maria, must submit paper applications because power outages and infrastructure damage are disrupting the electronic process. This has slowed what would likely be an influx of unemployment applications to a trickle, a Labor Department economist said.
Economists surveyed by The Wall Street Journal expected 239,000 new claims last week.
Despite the electronic disruptions in Puerto Rico and the U.S. Virgin Islands, jobless claims spiked in the last month because of Irma and Maria and another storm, Hurricane Harvey, affecting claims numbers in the two American territories and Florida, Georgia and Texas.
Jobless claims could edge up slightly in California in the next few weeks because of wildfires that have plagued the Northern part of the state, which has decimated homes and businesses.
(Excerpt) Read more at foxbusiness.com ...
Still, claims have remained historically low, showing the overall health of the labor market. Claims numbers have remained below 300,000 a week for more than two and a half years.
Jobless claims data can be volatile. The four-week moving average, a steadier measure, dropped 9,500 to 248,250 last week, after hitting a more than one-year peak in mid-September.
The number of claims workers made for longer than a week also dropped, falling to 1,888,000 in the week ended Oct. 7, which is reported along with last week’s data because continuing claims are released with a one-week lag.
Boy, talk about a lame attempt to explain away making America great again. Power outages in Puerto Rico? Really? When Florida and Houston had power outages, the claims spiked. Now, the collapse in claims is due to power outages from a storm that happened a month ago? (Yes, the power outages ARE still present, but they were present when the claims spiked a month ago, too!)
There should be plenty of temporary jobs dealing with the damage. If they won’t apply, assign them. If they won’t work, cut off the unemployment or welfare.
Guy i know that’s been out of work for the past 8 years finally got himself a job last June.
RE: Guy i know that’s been out of work for the past 8 years finally got himself a job last June.
Was he actively looking the past 8 years?
More unemployed engineers in the oil industry today in Houston than there were 10 years ago and the job prospect is not improving.
Why do citizens of PR and USVI get paid unemployment benefits when they do not pay US Federal taxes? Does the same thing happen with Guam and American Samoa?
Got laid off from his IT job, worked under the table for a while, decided that he hated computers and was too old for that profession and sat around doing nothing for years.
Buddies neighbor.
Cool dude though..
Not sure exactly what he’s doing now.
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