Jobless Claims Jump, Hurricane Sandy Blamed

jobless claims Sandy

WASHINGTON -- The number of Americans filing new claims for jobless benefits surged last week to a 1 1/2-year high, a sign superstorm Sandy had dented the U.S. economy by leaving tens of thousands of people out of work.

Initial claims for state unemployment benefits rose 78,000 to a seasonally adjusted 439,000, the Labor Department said on Thursday. That was well above the median forecast in a Reuters poll of 375,000.

An analyst from the department said several states from the mid-Atlantic and Northeast reported large increases in claims due to Sandy, a mammoth storm that slammed into the East Coast in late October.

The deadly storm left millions of homes and businesses without electricity, although the economic impact of the storm is likely to be temporary.

Economists expect the storm could shave as much as half a percentage point from economic growth in the fourth quarter. However, any lost activity should be made up early next year.

Retail sales data on Wednesday pointed to a softening in U.S. consumer spending early in the fourth quarter. Overall retail sales fell as Sandy slammed the brakes on automobile purchases last month.

The surge in new jobless claims last week was the biggest one-week increase since September 2005.

The four-week moving average for jobless claims, which smoothes out volatility, rose 11,750 to 383,750. Economists generally think a reading below 400,000 points to an increase in employment.

Continuing claims for jobless benefits rose 17,750 in the week ended Nov. 3 to a seasonally adjusted 3.255 million, the highest level since July 2008, the Labor Department said.





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mamoseley3

Who is responsible for all the millions of people who were out of work BEFORE Sandy came along? What SHORT memories some people have. OBAMA IS TO BLAME -- NOT Sandy!

November 18 2012 at 2:58 PM Report abuse rate up rate down Reply
Paul MacLeod

so now it's Sandy's fault, seems George Bush may get a pass on this one.. perhaps it has to do with the who is the president.. Co's that hire and fire folks are not stupid, they know what Obama's plan is, they already know about obamacare and the huge negative impact it will have on the business' though out america.. for someone who says he wants recovery, he is doing everything backwards.. is it on purpose ?

November 18 2012 at 7:31 AM Report abuse rate up rate down Reply
skytel9

The Re-election will have more to do with rising unempmloyment rates than SANDY!

November 18 2012 at 2:50 AM Report abuse rate up rate down Reply
harlson

Americans.. you do relaize that the Labor Department ONLY counts ones unemployed that are getting UNEMPLOYMENT NOT ones already off! The REAL percentage in NOT 8% but more like 25% of americans unemployed. Key wording in the article is..continuing claims for jobless benefits .. hence no count of already dropped from stats..

November 18 2012 at 2:47 AM Report abuse rate up rate down Reply
THE GREAT ONE

No the force was OBAMA

November 18 2012 at 12:26 AM Report abuse rate up rate down Reply
wlouche

Isn't unemployment, unemployment?

November 18 2012 at 12:17 AM Report abuse rate up rate down Reply
1 reply to wlouche's comment
foubabou

Nope. Numbers lie and liars use numbers.

November 18 2012 at 5:46 AM Report abuse rate up rate down Reply
James Elliott

Oh no it wasn't a lie it really was Sandy. Yeah not

November 17 2012 at 11:51 PM Report abuse rate up rate down Reply
Plummer, Joseph

I see the Unemployment rolls are about to really increase, Hostess is involved with a stike by Union workers, been going on for a little while now, guess what the company is now doing, yep, Closing. The company is in between a hard place ( competition ) and a rock ( the unyielding Union ). sales are off. The Company needed to reduce benefits and wages to maintain it's self, what did the Union do, struck, demanding more money refusing to give up benefits. results, the Company is going under. A Bakery used to exist and had similar problems, when times were good, the Company lavashed their employees with benefits and pay bonus. then when times started to get bad. It almost folded because the Union wouldn't back down, when it became apparent that the Company was going under, The Union Workers crossed the picket lines. because, they realized that if the company closes, they're all on the street. Sometimes, Unions have to look out for the workers interests, a reduction in pay an benefits beats unemployment any day of the week. That Bakery got bought by a larger Bakery, moved it to larger facilities, which meant, more employees, better wages and benefits. Some times, the Unions gotta take another look. because, if the union workers lose their jobs, who's gonna pay union dues ? Don't get me wrong, Unions helped built this Country, They brought about decent wages, working conditions, grievence procedures and a Middle class. . Because of Unions, The Government created Federal Labor laws which Unions had for Forty years before being implimented at the Federal level. Times are hard, gonna get harder because of who is sitting in the white house. I can only hope the President will reconsider implimenting those "Tax Increases" which will impact everyone. He should not have printed Trillions of worthless dollars to devalue the currency. and the supposed last recession, never ended. and now, we're looking at a finacial cliff ? This mess is Obama's making. The plans he claimed to have... weren't. He figured he would just "hire" czars to figure it out, they didn't.

November 17 2012 at 11:50 PM Report abuse rate up rate down Reply
hdevo

If Hurricane sandy is the blame .How is it that the most unemployment for the period was from Penn and Ohio .This is another Obama cover up .Why can't this man just tell the truth . He always blames something or someone else for his failures Just proves he is a weak leader and a pathological liar . How is he going to spin it next month. With the thousands of layoffs due to Obama care he is have to come up with good spin.His minions will believe anything he says.

November 17 2012 at 11:01 PM Report abuse rate up rate down Reply
Andy

Well Monay morning there will be 18,500 more. All from Hostess. Right after Thanksgiving there will be more. All the fired protesters/strikers at Walmart. But there is a bnght side, as these morons lose their jobs, Walmart will hire replacements.

November 17 2012 at 10:39 PM Report abuse rate up rate down Reply

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