US Jobless Claims Spike to 258,000 Amid Hurricane Helene and Boeing Strike

The surge in unemployment claims, the highest in over a year, is largely attributed to Hurricane Helene's devastation and ongoing labor strikes.

The Labor Department reported a 33,000 increase in jobless claims, reaching 258,000 for the week of October 3, surpassing expectations.
Hurricane Helene significantly impacted jobless claims in Florida, North Carolina, South Carolina, and Tennessee, with further disruptions anticipated from Hurricane Milton.
The Boeing machinist strike in Washington state contributed to the rise in unemployment claims, affecting supply chains and causing temporary layoffs.
Despite the rise in claims, the US job market added 254,000 jobs in September, exceeding expectations and reducing unemployment to 4.1%.
The Federal Reserve cut interest rates by 50 basis points in September, aiming for a 'soft landing' to balance inflation control with job market support.