Unemployment claims down but numbers may change due to hurricane impact

According to the Labor Department, Initial claims for state unemployment benefits declined 23,000 to a seasonally adjusted 259,000 for mid September. A Labor Department official said Harvey and Irma affected claims for Texas and Florida, which account for about 14 percent of the nation’s employment. An article in Reuters explained that Federal Reserve Chair Janet […]

According to the Labor Department, Initial claims for state unemployment benefits declined 23,000 to a seasonally adjusted 259,000 for mid September. A Labor Department official said Harvey and Irma affected claims for Texas and Florida, which account for about 14 percent of the nation’s employment.

An article in Reuters explained that Federal Reserve Chair Janet Yellen said, “payroll employment may be substantially affected in September” by the storms, but she added that she expected labor market conditions would “strengthen somewhat further.”

Unadjusted claims for Florida rose by only 5,133 during the same time.

It is possible we will see further increases in Florida claims in the coming weeks if the storm hindered people’s ability to file claims immediately,” said Jesse Edgerton, an economist at JPMorgan in New York.  Read the full article here.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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