Weekly unemployment claims climbed to their highest level in more than a year as the economy began to endure the economic fallout of Hurricane Helene.
For the week ended Oct. 5, initial jobless claims surged by 33,000, to 258,000, the highest number since the beginning of August 2023, according to new Department of Labor data.
The reading topped the consensus estimate of 230,000.
The fallout of Hurricane Helene could have fueled some of the higher-than-expected claims, as sizable increases were observed in Florida (9,377) and North Carolina (11,475). Other storm-affect states also registered higher claims, such as Kentucky (3,426), Tennessee (4,367), and Virginia (3,089).
Still, there were significant gains seen in California (43,072), Texas (14,765), New York (12,658), Pennsylvania (9,772), and Ohio (9,546)….