Initial jobless claims spiked 62k last week - thanks to a 51k surge in Texas - as the impact of Hurricane Harvey ripples (transitorily) through economic data.
This 26% spike in claims is the largest since 2005 (and biggest absolute rise since 2012).
The 298k print is the highest since April 2015.
Authored by Sarah Burris via RawStory.com,
Hurricane Harvey was a tragic nightmare that hit the Texas shores with force and then lingered for days, dumping truck-loads of rain on a city ill-equipped to handle it. Florida is next, and if predictions are accurate, Hurricane Irma is going to be far worse than Houston was, and worse than anyone has prepared for.
Authored by Dale Steinreich viaThe Mises Institute,
As the floodwaters brought by Hurricane Harvey last week recede and new hurricane Irma moves slowly toward the Eastern U.S., it might be edifying to review how millions of Americans, despite federal anti-flood efforts, came to live and work in hazardous to dangerous flood-prone areas.
If you count yourself among the unlucky residents of Southern Florida where Hurricane Irma looks likely to make her continental U.S. landfall, you may want to take notice of a new study just published by Kelly Edmiston of the Federal Reserve Bank of Kansas City which details the devastating toll that hurricanes can take on your hard-earned credit score.