Jobless Claims Rise More Than Economists Expected
Initial claims for U.S. state unemployment benefits surged by 62,000 to 298,000 in the Sept. 2 week, well above the 248,000 level expected and the highest level since the April 18, 2015 week, data released by the Labor Department Thursday showed.
The level of claims clearly indicates the beginning of a spike in Texas claims filings resulting from Hurricane Harvey, with further increases likely to come next week and thereafter.
Unadjusted claims rose by 51,637 in Texas in the Sept. 2 week, while claims in Louisiana, which was also hit, rose by 258.
The level of continuing claims fell by 5,000 to 1.940 million in the August 26 week, while the four-week moving average for continuing claims fell by 4,000 to 1.948 million.