Weekly jobless claims—a gauge of the number of individuals who filed for unemployment insurance for the first time—slowed last week as the economic fallout from Hurricanes Helene and Milton appear to be limited.
According to the Department of Labor, initial jobless claims totaled 241,000 for the week ending Oct. 12, down by 9,000 from the previous week’s 15-month high.
Markets had penciled in a reading of 260,000.
Last week’s claims were revised slightly higher to 260,000 from 258,000.
After Labor Department data showed significant increases, storm-affected regions registered sizable declines in initial claims in the latest data.
Claims in Florida and North Carolina fell by 3,428 and 2,404, respectively….