Jefferies economist Tom Simons........>

US DATA REACT: Jefferies economist Tom Simons noted US initial weekly jobless

claims for Sept. 9th wk "fell 14K to 284K from an unrevised 298K last week. Last

week's print was the highest for claims since April 18, 2015. Claims surged due

to the disruptions caused by Hurricane Harvey, but surprisingly they were a bit

lower this wk."

- He adds Hurricane Harvey "affected claims in Texas and Louisiana" with Texas

"most affected, as there were 51,988 claims filed following 63,742 during the

prior wk. For context, 12,105 claims were filed in Texas during the wk before

Harvey. Irma affected claims in Florida, S.Carolina, and Georgia, where OUI

offices produced estimated figures as the storm approached. Irma also affected

claims in Puerto Rico." He expects "elevated claims levels for at least the next

wk as filings jump for those in states that were affected by Irma."

- But he adds "we remain firm in our long-term view for the labor mkt. Once the

aftermath of the storms has cleared and conditions return to "normal", we will

see claims dip back down to the low-end of the range once again. The

fundamentals in the labor mkt remain strong."