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US Weekly Jobless Claims Drop More Than Expected To 260000

06 October 2017

Harvey and Irma will both account for about 50,000 jobs. There are about 11 million people working in the counties designed as disaster areas, according to the Labor Department.

Yet after several months of volatility, the impact on job growth may fade. "The U.S. economy is still pretty solid". Employers report the number of employees that have worked at least one hour in a month to the federal government during whatever week the 12 day of the month falls in.

But don't panic. The number of jobs created in September is expected to dip sharply, primarily because of Hurricanes Harvey and Irma. Exports in the August were $195.3 billion, while imports came to $237.7 billion.

San Francisco Fed President John Williams said Wednesday he does not need to see inflation move higher to support another interest rate increase this year as long as other economic data points to continued economic strength.

What they are saying?: "We have no reason to think that the underlying labor market has changed much since August", said Ian Shepherdson of Pantheon Economics.

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About a quarter of the economists say the temporary job losses might push the unemployment rate to 4.5%, while the rest believe it will remain at 4.4%. Even so, average hourly earnings may have accelerated to a 0.3 percent monthly gain in September from 0.1 percent the previous month.

A top economist is warning that numbers will take a hit from recent hurricanes wreaking havoc in southern states such as Texas and Florida.

More broadly, monthly job gains averaging 176,000 this year are running just below last year's pace of 187,000, though analysts had been expecting a steeper slowdown as the labor market tightens.

The dollar rose against a basket of major currencies on Thursday as a raft of upbeat data fuelled investor optimism of solid USA economic growth ahead of a crucial nonfarm payrolls report due Friday.

"October will show a big rebound", said Carl Riccadonna, chief USA economist for Bloomberg Intelligence in NY. "You'll get it back next month".

US Weekly Jobless Claims Drop More Than Expected To 260000