U.S. Unemployment Benefits Rises to 5-Year High on Hurricane Harvey

US Job seekersJob seekers line-up to give their resumes to an employment agency representivie at a job fair at a Holiday Inn in New York City. Photograph by Spencer Platt/Getty Images
  • U.S. Unemployment Benefits Rises to 5-Year High on Hurricane Harvey

The US unemployment benefits surged last week as tens of thousands of Texans affected by Hurricane Harvey filed for unemployment benefits.

The initial unemployment benefits rose by 62,000 to 298,000, according to the Labor Department report released on Thursday.

Applications from Texas surged by 51,637 from the previous week to 63,742.

The increase in unemployment benefits was the highest since the superstorm Sandy slammed into the Northeast and pushed the overall applications to the highest since April 2015. The figures are the first to show the impact of Harvey on economic data.

Employment is expected to slow until rebuilding and recovery efforts in the flooded region take hold.

The more stable four-week average number showed a less-volatile measure than the weekly figure, climbed from 236,750 to 250,250.

The unemployment rate among people eligible for benefits held at 1.4 percent, same level it’s been since April 1.

The Euro rose above 1.2058 against the US dollar, following ECB rates statement.

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Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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