Job creation is on fire, could Helene and Milton put it out?

The US economy has added jobs for the 45th consecutive month, but could this trend be in jeopardy?

254,000 new jobs were created in September, about 100,000 more than analysts expected, and figures for the previous two months were revised upwards. The results put the three-month average of jobs created at 185,000.

The unemployment rate fell slightly to 4.1 percent and annual wages rose 4 percent, well above the inflation rate, which has slowed to about 2.5 percent.

Unless the economy falters, the strength of the jobs report means the Federal Reserve will take its time cutting interest rates in the future. Anyone who had hoped for a further cut in the key interest rate by 0.50% will have to be content with quarter points at the meetings in November and December. Thereafter, the pace and timing of interest rate cuts are “data dependent.”

There is one caveat to the solid labor market: September results do not take into account the impact of Hurricanes Helene and Milton. Job creation could take a breather when the Labor Department releases October numbers. But whatever production or jobs are lost as a result of a natural disaster are typically made up in the following months as the cleanup and reconstruction process progresses.

Effects of Storms and Dealing with Insurance Claims

The recovery will take longer, particularly for local people waiting for insurance payments and whose jobs are on hold.

If you are affected by the storm, your first priority is to bookmark FEMA’s disasterassistance.gov website, which provides real-time updates on resources available locally for those with and without insurance.

Next, keep in mind that the homeowner’s or renter’s insurance application process can be tedious, which means you’ll need to be patient and detail-oriented.

First, search for your policy and determine what type of coverage you have. If your documents were damaged by the storm, email or call the company immediately to let them know you are a victim of Helene. If your car was damaged, you will also need your car policy.

Next, take photos or videos of the damage before moving anything, make a list of the damaged or lost items, and include their purchase date, value, and receipts if possible.

Then contact your insurer, contact the expert and submit your claim quickly. Do not make any permanent repairs until the insurance company has inspected the property and you have reached an agreement on the cost of repairs. Let the insurance company know if you need to make temporary repairs to prevent further damage to your property. Keep in mind that all insurance company settlement offers are subject to negotiation.

Lessons for everyone else

Household contents insurance used to be considered a small part of housing costs, but after the Corona crisis costs have risen by more than 20% and some insurers are withdrawing from certain regions completely.

These rising costs have led some to forego home insurance or opt for thinner policies, but financial advisors warn against this risk. The reason for this is that very few households can spend tens of thousands of dollars to replace the loss of a home, not to mention the high cost of rebuilding it.

If you’re looking for new homeowners or renters insurance, be sure to compare all options and beware of underinsurance to save on premiums. Finally, if you’re looking for a home, consider moving to disaster-prone areas and factor rising insurance costs into your calculations about what you can afford.

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