The latest data from the U.S. Department of Labor revealed a notable drop in new unemployment claims, reflecting a stabilization following recent hurricane disruptions. For the week ending October 26, initial claims for state unemployment benefits fell by 12,000 to a seasonally adjusted 216,000, undershooting economist predictions of 230,000 according to a Reuters poll.
The temporary surge in claims earlier this month was largely due to Hurricanes Helene and Milton, which disrupted business activity across the Southeast, including Florida. Additionally, the ongoing strike by Boeing (BA) factory workers has impacted claims, as the aerospace manufacturer has resorted to rolling furloughs, impacting not only Boeing but also its network of suppliers.
In related data, the number of individuals receiving unemployment benefits after their first week—a key metric reflecting hiring trends—fell by 26,000 to a seasonally adjusted 1.862 million in the week ending October 19. Des ...
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