Weekly Jobless Claims Fall Amid Hurricane Sandy

weekly jobless claims fell

The number of Americans filing new claims for unemployment benefits fell last week, a sign the labor market's slow recovery was gaining traction, although a severe storm distorted the data.

Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 355,000, the Labor Department said on Thursday. That was below the median forecast in a Reuters poll of 370,000.

An analyst from the department said that Hurricane Sandy, a mammoth storm that slammed into the East Coast on October 29, boosted claims in some states by leaving people out of work, but also reduced claims in at least one state because power outages kept the state from collecting claim reports.

More: Hurricane Sandy Victims Can Get Unemployment Help

The impact of the storm is likely to be temporary. It was unclear if the storm's net effect was to boost or reduce claims, the analyst said.

The storm could continue to affect the claims report for several more weeks, the analyst said.

The storm killed at least 121 people in the United States and Canada and left more than 8 million homes and businesses without electricity in the Northeast.

The four-week moving average for jobless claims, which smoothes out volatility, rose 3,250 to 370,500. Economists generally think a reading below 400,000 points to an increase in employment.

The U.S. economy has recently shown some signs of health, with consumers spending more freely and home construction picking up. But business investment sank in the third quarter, a sign that companies lack confidence in the strength of the economic recovery.

Continuing claims for jobless benefits fell 135,000 in the week ending Oct. 27 to a seasonally adjusted 3.127 million, the lowest level since July 2008, the Labor Department said.

Jobless Claims, Trade Data Help U.S. Stocks Edge Higher




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Greg and Mel

"Economists generally think a reading below 400,000 points to an increase in employment.".....The "Economists" need to go back to school if they come to that conclusion! In no way does that say more people were hired for employment! That is just common sense. How many people were actually HIRED for jobs compared to how many people are still on unemployment and/or filed for unemployment?

November 16 2012 at 5:22 AM Report abuse rate up rate down Reply
jdykbpl45

Only?

November 12 2012 at 9:34 AM Report abuse +1 rate up rate down Reply
freethedems2012

We are headed toward that Fiscal Cliff and we won't be able to get up.

November 08 2012 at 9:22 PM Report abuse +2 rate up rate down Reply
justthe2ofus

another red letter day on wall street. wait till taxes go up for everyone in 2014 because of obamacare.

November 08 2012 at 4:27 PM Report abuse +4 rate up rate down Reply
barthreemachine

Let's wait til next week after thousands of middle class defence workers get pink slips this was to happen in oct but Obama said to wait until after the election.

November 08 2012 at 3:49 PM Report abuse +2 rate up rate down Reply
Firefly Tech

Here we go again with talk like the hosing market. Our numbers are up compared to last month but are far from the number 4 years ago by far. Even when the cook the books!

November 08 2012 at 2:36 PM Report abuse +2 rate up rate down Reply
croone22

These numbers do not represent reality. People are taking any job available,and this is holiday time. Money-managers have a lot of 401K money to buy stocks and create false illsusions that contrdict what really is happening. There is no theorical model ,right now, that supports any rational deduction but down,down,down. The party is over,and Obama ,the bus driver,will soon find out that the 747,that he doesn't know how to fly, is going to CRASH. We are out of real money,and you can't create real jobs without it. Ben's folly at the Reserve is keeping rates low,lower,and lowest...why you might ask? Answer: to keep the interest on our exploding national debt as low as possible. A great solution for a short -term debt, but our debt is long term and getting larger and larger. And the result, of this band-aid on a hemorrage solution, is death. And that's where we are now...taking our last breaths and waiting for the Obama plane to crash.

November 08 2012 at 2:06 PM Report abuse +2 rate up rate down Reply
1 reply to croone22's comment
itacurubi

You will save you and your family much disappointment if you remove anything containing words like "finance" or "economics" from your list of potential careers.

November 08 2012 at 2:22 PM Report abuse rate up rate down Reply
1 reply to itacurubi's comment
croone22

Wow! Ignorance is not bliss. I was one of the first Registered Option Principles on Wall Street,and was considered the best on the Street. And my family and I have done very very well. What's you real sensitivity...Obama? You are out of your league!

November 08 2012 at 3:14 PM Report abuse -1 rate up rate down
wwas3434

THIS LOW FIGURE IS THE RESULT OF 2 THINGS, CHRISTMAS PART TIME HIRING AND LOTS OF PEOPLE LOSING BENEFITS

November 08 2012 at 10:32 AM Report abuse +3 rate up rate down Reply
1 reply to wwas3434's comment
itacurubi

(1) The number is seasonally adjusted, so your Xmas hiring point is moot. (2) These are new unemployment claims, not continuing ones, so your second point is equally moot. In short, your questions merely betray the fact that you don't know what you're talking about.

November 08 2012 at 2:24 PM Report abuse -2 rate up rate down Reply
usaguy45

It's all a lie!

November 08 2012 at 9:57 AM Report abuse +1 rate up rate down Reply
2 replies to usaguy45's comment
pgile

The important thing is to start with what you know to be true, then ignore any empirical evidence that might contradict the truth. I can see the earth is flat, therefore it is.

November 08 2012 at 10:17 AM Report abuse +2 rate up rate down Reply
itacurubi

How do you know? Better data? More statistical expertise?

November 08 2012 at 2:25 PM Report abuse -2 rate up rate down Reply

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