Hurricane Fiona helps to boost U.S. weekly jobless claims

Reuters via Yahoo ^ | October 6, 2022 | By Lucia Mutikani

[Oldeconomybuyer]

WASHINGTON, Oct 6 (Reuters) - The number of Americans filing new claims for unemployment benefits increased by the most in four months last week, but the labor market remains tight even as demand for labor is cooling amid higher interest rates.

Some of the larger-than-expected jump in jobless claims reported by the Labor Department on Thursday was blamed on Hurricane Fiona, with filings surging in Puerto Rico, which was ravaged by the storm in the second half of September.

Claims data in the coming weeks will likely be distorted by Hurricane Ian, which cut a swath of destruction across Florida and the Carolinas at the end of September.

"It's difficult to assess how much the labor market is cooling from initial claims and this will be the case for several weeks because of the distortions from Hurricane Fiona and Ian," said Ryan Sweet, a senior economist at Moody's Analytics.

[Red Badger]

Yah, the hurricane.............that’s the ticket!................

[MtnClimber]

More likely the jobless claims are from Hurricane Xao Bi-Dung.

[es345st]

F’n Reuters. Yeah it’s Hurricane not the worst President in histpry.

[Theoria]

The Fed has to destroy the economy to slow down their interest rates. As of now, the eocnomy has been very robust against such actions. Higher unemployment will likely bring forth a stock rally in anticipation of a Fed pivot.

[rrrod]

Trump’s fault.

[Governor Dinwiddie]

Hurricane Fiona did not make landfall in the USA. After it passed the USA, staying well offshore. Fiona made landfall in far northeast Canada. Why would this non-USA storm affect jobless claims? Or is the author of he article a dolt?

[tomkat]

Given the source of this laughable screed, shall we assume your last question was merely rhetorical ?

:-)

[cport]

It did smash Puerto Rico. Who knew that their unemployment fillings affect national jobless claims? I didn’t.