unemployment initial claims expected to rise (insurance, debt, company, interest)

[Irco]

due to the economic ramifications cause by Hurricane Harvey.

[MrRational]

Originally Posted by Irco

(unemployment claims rise) due to the economic ramifications cause by Hurricane Harvey.

And because few flood policies have any sort of business interruption coverage a rather large number of businesses will fail.
Even if the owner can recover for lost equipment or inventory on top of losses to buildings or vehicles...

[aridon]

Few things are interesting about Harvey.

The economic impact will take years to unfold and likely Houston never fully recovers. Houston isn't exactly Texas's shining city.

NFIP is already North of 25 billion in debt, this storm will only increase that significantly in addition to any other storms we get this year.

Tens of thousands of people don't have flood insurance and are going to be economically devastated.

Harvey might not be the only major storm hitting the USA this year.

[Irco]

Here is a updated chart, the jobless initial claims for the week of 9-2-17 surged to 298k that is an increase of 62k claims from the previous week.

[Hemlock140]

I see this morning that many employers (especially cities) are threatening to fire people that evacuate and do not show up to work during the Irma storm in Florida, and apparently there is no law against that. The company that provides and supports our software in Orland has shut down until after the storm, so we are without support but happy for the employees.

[keraT]

Originally Posted by Hemlock140

I see this morning that many employers (especially cities) are threatening to fire people that evacuate and do not show up to work during the Irma storm in Florida, and apparently there is no law against that. The company that provides and supports our software in Orland has shut down until after the storm, so we are without support but happy for the employees.

Wow I wondered during Harvey why more people didn't evacuate and who stays behind for the love of property. But losing job, losing house all on assumption that a hurricane will be devastating seems like a bigger risk than staying put and hoping to weather it out. I guess I understand. I didn't think of it as people losing their job if they evacuate