U.S. Jobless Claims Fell for the Second Week

U.S. Jobless Claims Fell for the Second Week

The number of Americans filing applications for unemployment benefits decreased for the second consecutive week, although recent hurricane impacts still seemed to have effect on numbers in the Southern region of the U.S. Initial jobless claims, a proxy for layoffs across the U.S., decreased by 15,000 to a seasonally adjusted 243,000 in the week ended Oct. 7, the Labor Department said Thursday. This is down from a peak of 298,000 jobless claims at the beginning of September, following the devastation that Hurricane Harvey left on Texas and Louisiana.

Following Harvey, claims remained elevated due to the impacts Hurricanes Irma and Maria had on the Southeastern U.S. Despite the recent natural disasters, jobless claims have remained at historical lows, an indication of the strength of the economy.  Claims numbers have remained below 300,000 a week for more than two and a half years, the longest streak since the 1970s.

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