Jobless claims surge on Hurricane Katrina: highest level in 2 years

[Bush_Eats_Beef]

Jobless claims surge on Hurricane Katrina

Thu Sep 22, 8:36 AM ET

http://news.yahoo.com/s/nm/20050922/bs_nm/economy_usa_jobless_dc_1&printer=1

Hurricane Katrina's aftermath fueled a surge in initial U.S. claims for jobless aid last week to 432,000, the highest level in more than two years, the government said on Thursday.

The number of Americans requesting first-time unemployment benefits rose a relatively modest 8,000 the week ended September 17 after a revised 97,000 jump the prior week. The previous week's change was the biggest seasonally adjusted one-week jump since July 25, 1992.

Private economists had expected claims would rise to 440,000 from the Labor Department's original reading of 398,000 in the September 10 week.

Unadjusted for seasonal factors, jobless claims linked to the deadly storm that claimed more than 1,000 lives and wreaked havoc on infrastructure totaled 103,000 last week and 91,000 the week before.



Bush, April 26, 2004: "The economy is strong and it's getting stronger. We've overcome a lot. I happen to believe it's because of pro-growth economic issues, but I also know it's because the entrepreneurial spirit is strong, the small business sector of America is strong, and there's great opportunities in this country. Retail sales are strong, interest rates are low, home ownership is at the highest rate ever, which is a fantastic statistic, when you think about it."