Jobless Claims Spike Most Since 2005 Amid Harvey Hangover

Tyler Durden's picture

Initial jobless claims spiked 62k last week - thanks to a 51k surge in Texas - as the impact of Hurricane Harvey ripples (transitorily) through economic data.

This 26% spike in claims is the largest since 2005 (and biggest absolute rise since 2012).

The 298k print is the highest since April 2015.

The results are among the first to show that Harvey, which made landfall on Aug. 25 along the Gulf Coast in Texas, will cause swings in broader economic data. Employment may be depressed initially until rebuilding and recovery efforts in flooded areas around Houston take hold.

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spastic_colon's picture

must be real secure jobs if you lose it due to severe weather; says a lot about the "recovery"

"The results are among the first to show that Harvey, which made landfall on Aug. 25 along the Gulf Coast in Texas, will cause swings in broader fake economic data and fed jawboning. Employment may be depressed initially until rebuilding and recovery efforts in flooded areas around Houston take hold and an actual recovery takes place in the real world and not just on paper.

TahoeBilly2012's picture

Dollar gonna shit 100 pips right here

Justin Case's picture

USDX 91.88 critical support level. Has headed there and quickly reverted up, now third time. Three taps and a break through?

Silver Savior's picture

The USD should be worth nothing by now.

Give Me Some Truth's picture

EVERY member of the elite is doing everything in their considerable power to make sure the dollar retains its value and that the masses continue to have great "confidence" in it. It is literally a con game.

The people committing the con are all on the same page, my brother. The printing press must be protected. If it is not protected - if the "con" is not successful - 100 percent of the people in this "club" will be up Shit Creek without a paddle.  

abyssinian's picture

Isn't this bullish for jobs? just think of all the cleaning up, rebuilding...etc. buy the dips?

philipat's picture

So how many of those "Waiter and Bartender" jobs (In a demonstrably declining sector because most Americans don't have any disposable income) were "Created" in Texas? Or Florida for that matter? Whole new level of .Gov BS data accomin?

Fake Trump's picture

Then Kim should nuke America. Rebuilding and recovery after that will create more secure jobs. Actually there will be more jobs around than people. 

Hammer823's picture

Higher Jobless claims are a GOOD thing for the stock market.  Stocks will rally today.

Also, after Tuesday's big drop, stocks have to recover at least half the losses by law.

Remember, there is no BAD news in a rigged stock market.

Fake Trump's picture

No problems Trump will create more jobs out of thin air.

LawsofPhysics's picture

Jobs? Who needs to do actually work when money is FREE, thanks to ZIRP/NIRP (at least for people in banking and finance)

 

"Full Faith and Credit"

Games Without Frontiers's picture

And if a little ZIRP doesn't work, then let's try a lot...........

Silver Savior's picture

No one should have to work for this shit.

Atomizer's picture

Hurricanes and snow to blame retail growth. 

GotAFriendInBen's picture

Nothing 20 more years of Fed "mandate" can't fix

thatthingcanfly's picture

Where's Slack Jack to post his global warming bullshit?

max_leering's picture

he's outside measuring the sea rise... but only has a dipshit,  oops- I mean stick

Atomizer's picture

He is modifying Google's, Al gore rhythm. Sent from a Zerohedge friend. 

https://www.youtube.com/watch?v=t-dzacbQSy0

Atomizer's picture

Retail is still operating under the 80's Yupi tactical economic model  

max_leering's picture

keep stackin' bitchez!!

Money Mantra's picture

And worse next week.

sharkalert's picture

You can add the State of Florida next week!

ECONOMICRESET's picture

My house is under water, car is fucked, but I still think I could catch the bus to file for unemployment!

Silver Savior's picture

Heck yeah I would. Actually around here it's all by phone. Oops, the phone is floating down a river somewhere.

Silver Savior's picture

Nothing that a universal basic income can't solve. Just let em stay home. 

Silver Savior's picture

Trump should be having a ball right now. Everything happening all at once and on his watch. But he just wants to play golf.

ET's picture

Hurricane Irma will add to the total.

TeethVillage88s's picture

repost

Inflation depends on both money supply & velocity of money.

Wages depend on closed markets, National Boundaries, Control of Capital going off shore, Trade Policy, Balance of Trade/Current Account Policies,... Black Market Labor,... unlimited fiat creation policy of US Congress & Central Bank,...

Social Security program depends on control of Inflation, accounting for demographics like new imported labor, length of life,... control of the Black Market Labor,... National Boundaries, Control of Capital going off Shore, Trade Policy,... limits on Money Creation/Fiat...

Sight Picture of Economics depends on truth in Statistics... repeal of Boskin Commission Reforms on CPI... removal of Federal Spending on GDP, removing inflation from GDP,... Unemployment has grown since technology has ramped up in our economy despite what Jason Furman, Presidential Advisor Says... Tax Base has gone overseas with capital & jobs created by technology.

https://en.wikipedia.org/wiki/Boskin_Commission
https://www.theatlantic.com/magazine/archive/1997/04/how-to-rewrite-econ...
https://techcrunch.com/2017/04/20/jason-furman-interview/
http://www.bayareacouncil.org/community_engagement/new-study-for-every-n...
http://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20...
https://www.ifc.org/wps/wcm/connect/0fe6e2804e2c0a8f8d3bad7a9dd66321/IFC...