Hurricane impact from Irma and Harvey
The US initial jobless claims came in at 284K vs estimates of 300K.
- The labor department said that data was impacted by hurricanes Irma and Harvey
- The 4-week average rose to 263.25K vs 250.25 in the prior week
- Continuing claims came in at 1944K vs 1965K. The prior week was revised to 1951K from 1940K
As result of the hurricanes, the employment picture will likely remain muddy. Last week we saw the number spike to 300K. This week there likely is some gains in jobs in Houston (from the prior week as businesses reopen) but losses in Florida. I would expect that to continue in the short term. The rebuild may even see a sharp decrease in jobless claims at a point as a result of the hurricanes.
