Jobless claims surge after Hurricane Harvey
Source: The Hill
BY VICKI NEEDHAM - 09/07/17 10:10 AM EDT
Unemployment applications spiked last week to the highest level in more than two years in the wake of Hurricane Harvey's lashing of Texas and Louisiana.
Weekly jobless claims hit 298,000 in the week ending Sept. 2, an increase of 62,000 from the previous week's 236,000, the highest level for initial claims since April 18, 2015, the Labor Department reported on Thursday.
The one-week jump in claims was the largest since an increase of 81,000 in November 2012 after Superstorm Sandy barreled into the Northeast.
Claims jumped 96,000 after Hurricane Katrina hit in September 2005, according to Gus Faucher, PNC chief economist.
With Hurricane Irma bearing down on Florida and the East Coast, claims may experience more surges in the coming weeks.
Read more: http://thehill.com/policy/finance/349611-jobless-claims-surge-after-hurricane-harvey
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The Gulf Coast cities (especially in Louisiana and Mississippi) haven't fully recovered in 12 years. Also the BP oil spill hurt them terribly.
But we have to face facts in this country, there are certain areas that people should not be building houses and starting businesses. It's not sustainable in this time of climate change. Who will make those decisions that people CAN'T BUILD HERE? It seems that local zoning boards don't even consider it, they're always go-go-go for development. It has to be up to the federal government because states and locals aren't doing the job.
