WASHINGTON - Fin24 reports that jobless claims in the United States have spiraled following Hurricane Harvey. This was after victims filed applications to collect benefits after the hurricane hit Dallas Texas in August.
The surge in jobless figures is according to the Labour Department.
Hurricane Harvey, occurred between 25 August - 2 September 2017.
The hurricane, categorised as category 3 tropical depression claimed not only victims, but also jobs, adding to an increased amount of jobless individuals.
Jobless claims (September):
1. Jobless claims increased from 245 000 to 298 000
An estimated 62 000 increase
2. Jobless applications filed in Texas from 51 637 to 63 742 the following week.
Independent media reported in August that Hurricane Harvey will cost the United States an estimated R500 billion. The US's economy has also subsequently seen a sharp escalation in petrol prices as a result of refineries being shut down.
Hurricane Harvey follows the devastation of Hurricane Katrina by making landfall a second time.
The hurricane also caused waters on the Gulf of Mexico to continue drumming against the coastline.
The gauge at Mont Belvieu, east of the city, showed 1317mm had fallen since the start of the storm
That may be the most in recorded history for a tropical cyclone in the contiguous US, breaking recorded rainfall set in Texas in 1978.
Thus, the financial ramifications of the hurricane prove to be as devastating for the country as the physical damage it endured.
- BUSINESS REPORT ONLINE