The second straight weekly increase in jobless claims reported by the Labor Department on Thursday puzzled economists. Some pointed a finger at the wildfires in California, while others blamed Hurricane Ida, which devastated U.S. offshore energy production in late August. There was little conviction that ongoing COVID-19 infections, driven by the highly contagious Delta variant of the coronavirus, were a factor.
Unadjusted claims in California jumped 24,221 while Virginia reported a rise of 12,879. There were also notable increases in Oregon, Ohio and Kentucky. Claims in Louisiana fell and have been above their pre-hurricane trend in recent weeks. Claims have dropped from a record 6.149 million in early April 2020, but still remain above the 200,000-250,000 range that is viewed as consistent with healthy labor market conditions.
Stocks on Wall Street were trading higher. The dollar slipped against a basket of currencies. U.S. Treasury prices were lower.Last week's claims data covered the period during which the government surveyed employers for the nonfarm payrolls portion of September's employment report. Claims were little changed between the August and September payrolls survey periods.
Pandemic-related factors are causing worker shortages, which are constraining hiring. Fed Chair Jerome Powell told reporters on Wednesday that he anticipated "more rapid gains in employment" as these factors, which include lack of affordable childcare and fears contracting the virus, diminish.
Wow, it is a bad szenario, I fear that will be a long term problem there.
More Help Wanted signs than ever in America! It's called laziness and fraud!
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Jobless claims rose because whether anyone is talking about it or not - COVID IS KILLING JOBS AGAIN.
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