U.S. Jobless Claims Drop 25,000, As Hurricane Sandy's Effect Wanes

jobless claims drop

WASHINGTON -- The number of Americans filing new claims for unemployment benefits fell for a third straight week last week, but still remain too volatile to offer a clear signal on labor market conditions.

Initial jobless claims dropped 25,000 to a seasonally adjusted 370,000, the Labor Department said on Thursday. The prior week's figure was revised to show 2,000 more applications than previously reported.

Last week's drop brought them back to their pre-superstorm Sandy's 360,000-370,000 range. Economists polled by Reuters had forecast claims falling to 380,0000 last week.

The four-week moving average for new claims, a better measure of labor market trends, rose 2,250 to 408,000, reflecting the impact of the late October storm. That was the highest level since October last year.

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A Labor Department official said there was nothing unusual in the state-level data, but noted claims tend to post their largest percentage increase in the last week of November, catching up from the Thanksgiving holiday.

In addition, seasonal layoffs in sectors like construction, start picking up this time of the year and remain elevated until early January. This will make claims a less useful gauge of labor market conditions in the weeks ahead.

The claims report has no bearing on Friday's employment data. Economists estimate the monster storm, which slammed the densely populated East Coast, could subtract between 25,000 and 75,000 jobs from November's nonfarm payrolls.

The closely watch employment report, which will be released on Friday, is expected to show payrolls increased only 93,000 last month after advancing 171,000 job in October, according to Reuters survey of economists. The unemployment rate is seen holding steady at 7.9 percent.

The claims report showed the number of people still receiving benefits under regular state programs after an initial week of aid dropped 100,000 to 3.21 million in the week ended Nov. 24.


Initial Jobless Claims Down and ECB Rates Unchanged




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pfela6

Moving forwards, not backwards.

December 07 2012 at 2:15 AM Report abuse rate up rate down Reply
oilmlh

Why does the government even report these data? They are nothing but a big lie.

December 06 2012 at 10:54 PM Report abuse -1 rate up rate down Reply
Mingo

LOL wow big deal yep it the storms fault Evey week more people go down and less get hired Just wait until after the holidays Lay-offs may come in the hundreds of thousands I guess the treat of winter will be the new reason

December 06 2012 at 8:28 PM Report abuse -4 rate up rate down Reply
1 reply to Mingo's comment
freethedems2012

Fear not, we'll get more skewed numbers until everything looks rosey.

December 06 2012 at 9:49 PM Report abuse -1 rate up rate down Reply
pdbliz

People,,,Democrate,,,Republican,,,,it does not matter,,,,we all should work together......But,,,we can not keep paying out yearly,,,,more money than we take in......
There is nearly as many on Democrate Goverment Benifits as ones working.....And,,,they pay nothing into the fund.!!!!
HOW SAD OUR YOUTH HAS GOTTEN THAT THEY CAN NOT SEE WHAT IS HAPPING TO THEM,!!!!!!

December 06 2012 at 8:12 PM Report abuse -3 rate up rate down Reply
1 reply to pdbliz's comment
freethedems2012

It is sad. That is what happens when those in charge can give themselves anything they want.

December 06 2012 at 8:20 PM Report abuse -5 rate up rate down Reply
1 reply to freethedems2012's comment
freethedems2012

So, Evan has been here with his magic wand.

December 06 2012 at 9:50 PM Report abuse -2 rate up rate down
freethedems2012

I'm tired of liberal smoke and mirrors.

December 06 2012 at 8:08 PM Report abuse -2 rate up rate down Reply
1 reply to freethedems2012's comment
pdbliz

VERY GOOD POST.........THANKS,!!!!!

December 06 2012 at 8:16 PM Report abuse -5 rate up rate down Reply
jpfarr202

Holy c... they let the crazies out of the home. The two preceding comments are, how you say, remarkabley ridiculous. PD, I bought milk today it was $1.98. Mal, l there was no announcement of a 7.3% rate. Quit making stuff up.

December 06 2012 at 7:27 PM Report abuse -1 rate up rate down Reply
3 replies to jpfarr202's comment
Tom

Anyone counting the poor souls that have run out of benefits ? I didn't think so

December 06 2012 at 7:25 PM Report abuse +2 rate up rate down Reply
mallardmarina1

No one at HuffPo has mentioned that the unemployment rate is 8.3%. When the bogus 7.3% was announced by the labor department prior to the election it was story # 1 by HuffPo as they continued to carry Obama's water. Now they've been exposed as liars they just act like it didn't happen. UNBELIEVABLE!

December 06 2012 at 7:06 PM Report abuse +2 rate up rate down Reply
pdbliz

Have you seen the price that milk may go to,,,$6.00 a gallon........You may not be able to go on vacation or anywhere,,,,,Health Care will cost all of us,,,,,But,,the employer ,,it will hurt badly....
The goverment does not owe you a darn thing,,,,,,,,,,,Get a life,,get off your butts,,,,,,,,look at countries over seas,,,,,it will be here soon...
LIERS ARE IN THE WHITHOUSE,,SCARING YOU TOO DEATH AND LIEING,,,BUT,,,IT TAKES LOW MINDED PEOPLE TO BELEIVE IT.!!!!!

December 06 2012 at 6:06 PM Report abuse -1 rate up rate down Reply
pdbliz

PEOPLE,,,The goverment only wants to help certain people.......All of you talk about,,,Pa Pa Johns,,,,,,well,,,after Jan1,2013,,,,more companies will be going up on items to help off set healthcare....

December 06 2012 at 6:03 PM Report abuse -3 rate up rate down Reply

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