US jobless claims drop as storms disrupt data
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The news: US jobless claims dropped last week, falling by 19,000 to a seasonally adjusted 241,000 for the week ending 12 October.
The numbers: The decrease follows a surge to an upwardly revised 260,000 the previous week, driven by disruptions from Hurricane Helene, which affected Florida and Southeastern states, as well as layoffs amid strikes.
Economists expected claims to reach 259,000, but fluctuations due to the impact of Hurricane Milton, which hit Florida shortly after Helene, could keep claims elevated in the short term.
Continuing claims, a measure of those receiving employment benefits, rose to 1.87 million, the highest since July.
The drop in filings also reflects a decline in drops in Michigan, following earlier layoffs in manufacturing.
The context: The drop in filings from Helene may be countered by a surge in claims from Milton.
Meanwhile, Boeing's month-long machinist strike, affecting 33,000 workers, is disrupting its supply chain and non-striking staff, compounding the company's existing challenges, including 17,000 job cuts announced last week.
The sources: US Department of Labor , Reuters
