Jobless Claims Rise by 20,000 as Hurricane Ida Complicates Labor Market Recoveries

Source: Department of Labor

US jobless claims reached 332,000 in the week that ended September 11 after a jump of 20,000 from the previous week. SPY is down -0.52%, DXY is up +0.51%.

Fig: US Initial Claims

• The claims increase reflected devastation by Hurricane Ida which shut down production in the Gulf Coast and several other areas.
• The claims shed only 4,250 to reach 335,750 on a 4-week average. The previous week’s claims were revised up by 500 to 340,000.
• Americans claiming relief under state programs fell by 8.2% to reach 262,619. The claims were below an expected drop of 15.2%.
• Continuing claims reached 2.665 million after falling by 187,000. The continuous claims had been revised up by 69,000 to 2.852 million in the previous week. 
• Overall claims rose the highest in the states of Louisiana, Michigan, California, Kansas and Nevada. Claims were on a decline in Missouri, New York, Florida, Tennessee, and Georgia.