Initial Jobless Claims Unexpectedly Fall, Volatility May Continue in Coming Weeks

On October 17, U.S. initial jobless claims unexpectedly fell. In the southeastern states affected by Hurricane Helene, claims had surged in the previous week and the data suggests that they may remain volatile in the coming weeks. The devastation caused by Hurricanes Helene and Milton has left many people unable to work and may not even be able to apply for benefits. This means that the number of applicants will continue to fluctuate in the short term, although economists expect the irregularity to eventually level off. Until then, weekly claims have remained low, in part because the number of Americans who have lost their jobs is relatively small. The four-week moving average of jobless claims rose to 236,250, the highest level since August.