Initial Jobless Claims Drop As Storm Impact Fades

After last week's storm- and strike-driven surge in initial jobless claims, the headline data slipped back from 260k (revised higher) to 241k...

Source: Bloomberg

On an unadjusted basis, initial claims remain high (but off their highs) while continuing claims pushed higher from 1.858mm Americans to 1.867mm Americans...

Source: Bloomberg

The impact of Hurricane Helene (North Carolina) will continue to be felt...

Presumably, this does not include the impact of Milton???

Source: Bloomberg

But analysts expect that to fade as all that lovely money from FEMA flows into the local economy (oh wait...).

And WTF is going on in Michigan? It appears those Stellantis layoffs were 'transitory'...

In other words, ignore the jump in jobless claims this close to an election, it's just transitory...