FOX Business' Lydia Hu details the impact of Hurricane Helen on Varney & Company.
Last week, the number of Americans filing for unemployment benefits was much higher than expected, hitting a 14-month high. hurricane helen.
Economists say Hurricane Milton, which hit Florida overnight, is likely to further impact the job market in the short term.
Cheri Harden, her 1-year-old son Kix, and Lori Medlin, left, stand outside Sea Hag Marina in Steinhatchee, Florida, after Hurricane Helen passed on September 27. Storm surge from the Steinhatchee River destroyed several homes. and busy (Ted Richardson/The Washington Post via Getty Images/Getty Images)
The number of first-time claims for state unemployment benefits for the week ending Oct. 5 rose by 33,000 last week to a seasonally adjusted 258,000, the Labor Department said Thursday.
Inflation rate rose 2.4% in September, higher than expected
Economists compiled by LSEG had expected 230,000 claims in the past week. Unadjusted bill amount increased significantly north carolina And Florida were two of the states hardest hit when Helen devastated large swaths of the Southeast in late September. The impact of the storm could continue to distort insurance claims data for weeks to come.
Employees at Roy's Restaurant search through the rubble of the demolished eatery after Hurricane Helen made landfall in Steinhatchee, Florida on September 27th. (Willie J. Allen Jr./Orlando Sentinel/Tribune News Service via Getty Images/Getty Images)
Helen brought devastating flooding and storm surge to the southeast, killing at least 232 people and forcing countless others to evacuate. Moody's RMS Event Response estimates that damage from the deadly storm will cost the U.S. private insurance market between $8 billion and $14 billion.
Hurricane Milton disrupts gasoline supply chain
Bill Adams, chief economist at Comerica Bank, said he expects unemployment claims to rise further in the coming weeks due to Milton's devastation.
He noted that traditional economic data on the storm's impact does not yet exist, but cited reports that 30% of electricity customers lost power. in florida As of Thursday morning, power was out, which would likely have an impact, considering the state accounts for 6% of the U.S. GDP.
Nicole Mohr, spokesperson for the American Red Cross, details the impact and recovery after Hurricane Milton.
“Typically, employment, retail sales, and industrial production decline in areas hit by severe weather, then quickly recover as rebuilding begins,” Adams wrote in a memo following the data on unemployment claims.
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“That means determining whether the economic trend is changing in October and November, because monthly changes in statistics going forward could be due to the storm or to changes in the economy as a whole. That means it will be difficult.”
FOX Business' Eric Revell and Reuters contributed to this report.
