As experts believe Hurricane Milton could cause up to $121 billion in damages to Florida and its residents, how should economists interpret recent extreme weather events in relation to labor figures and other crucial employment data?

Deutsche Bank Securities senior US economist Brett Ryan explains to the Market Domination team how the string of severe storms could distort employment data and initial jobless claims in the near term.

"We expect [initial jobless] claims to spike from [Hurricane] Helene, to show up this week in in the claims data. We're expecting initial claims to jump to around 240,000. You're going to see a further increase on the back of that and next week's data, the next several weeks probably," Ryan states.

The economist lists off other key economic indicators that could be affected, including the purchasing managers' index (PMI) and oil production from the Gulf of Mexico

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This post was written by Luke Carberry Mogan.