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Jobless claims average up 9,000; hurricanes blow initial claims above forecast

September 28, 2017

The US four-week moving average of initial claims for unemployment insurance rose to 277,750 last week, up 9,000 from the previous week’s unrevised average, according to seasonally adjusted numbers released today by the US Department of Labor. This is the highest level for this average since Feb. 6, 2016. when it was 277,750.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended Sept. 23 were 272,000, up 12,000 from the previous week’s level, which was revised upward by 1,000.

The Department of Labor reported that Hurricanes Harvey and Irma affected this week’s claims.

Reuters reported the number of Americans filing for unemployment benefits rose more than expected last week, reflecting the lingering effects of Hurricanes Harvey and Irma. Its poll of economists had forecast claims rising to 270,000.