The number of Americans filing new claims for unemployment benefits rose last week to the highest level in more than a year, reflecting a big increase in Michigan and the impact of Hurricane Helen on some states.
Initial claims for unemployment benefits rose 33,000 to 258,000 in the week ended Oct. 5, the highest level since August 2023. The median forecast of economists surveyed by Bloomberg was 230,000.
Continuing claims for unemployment benefits rose to 1.86 million in the week ended Sept. 28, Bloomberg reported, citing Labor Department data Thursday.
In the wake of Hurricanes Helene and Milton, initial jobless claims are likely to be volatile for a period of time, making it difficult for the Federal Reserve to accurately assess the underlying situation in the U.S. labor market. While many people in the southeastern United States are unable to work because of hurricane damage, others may have difficulty or delay applying for unemployment benefits.
On October 28th local time, the Federal Reserve began a two-day interest rate meeting and is expected to announce the latest interest rate decision on the afternoon of October 29th.
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