The number of Americans seeking unemployment benefits jumped to the highest weekly level in two months, although the figures were skewed in part by Hurricane Isaac. Applications increased by 15,000 to a seasonally adjusted 382,000, the Labor Department reports this morning. That’s up from 367,000 the previous week. The four-week average—a less volatile measure of claims—increased for the fourth straight week to 375,000. Isaac made landfall as a Category 1 hurricane on Aug. 28 in Louisiana and was later downgraded to a tropical storm. It disrupted work in nine states and boosted applications by roughly 9,000, Labor officials report. Applications for unemployment benefits reflect the pace of layoffs. Jim O’Sullivan, chief U.S. economist at High Frequency Economics, says that if one excludes the impact of the hurricane, applications are likely closer to 370,000.
Isaac boosts U.S. claims for jobless benefits
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