The number of Americans filing new claims for unemployment benefits increased by the most in four months last week, but the labor market remains tight even as demand for labor is cooling amid higher interest rates.
Some of the larger-than-expected jump in jobless claims reported by the Labor Department on Thursday was blamed on Hurricane Fiona, with filings surging in Puerto Rico, which was ravaged by the storm in the second half of September.
Unadjusted claims increased 13,264 to 167,083 last week. Claims for Puerto Rico jumped 3,917, accounting for about 30% of applications. The archipelago normally makes up less than 1% of national claims. "This is a sizable increase for Puerto Rico on its own and almost certainly reflects effects of Hurricane Fiona that will probably prove temporary," said Daniel Silver, an economist at JPMorgan in New York. "Hurricane Ian likely will also impact the claims data over time."The labor market has been largely resilient, though some cracks are emerging as the Federal Reserve ramps up its monetary policy tightening. The U.S.
An Institute for Supply Management survey on Wednesday showed a measure of services sector employment surged in September, with several industries reporting labor shortages.
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