Jobless claims leap 78,000 to 439,000; storm cited
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Posted On: 11/15/2012 8:35:17 AM
Jobless claims leap 78,000 to 439,000; storm cited
WASHINGTON (MarketWatch) - The damage caused by Hurricane Sandy sent U.S. jobless claims soaring by 78,000 in the week ended Nov. 10 to an 18-month high of 439,000, according to the latest government figures. A Labor Department official on Thursday said claims surged in the eastern parts of the country that laid in the path of the storm. The destruction of job sites, closure of government offices and widespread power outages caused more people to file claims after an initial delay. Economists surveyed by MarketWatch had expected claims to climb to 380,000 on a seasonally adjusted basis. Initial claims from two weeks ago were revised up to 361,000 from an original reading of 355,000, based on more complete data collected at the state level. The average of new claims over the past month, meanwhile, climbed by 11,750 to 383,750. The four-week average reduces seasonal volatility in the weekly data and is seen as a more accurate barometer of labor-market trends. Also, Labor said continuing claims increased by 171,000 to a seasonally adjusted 3.33 million in the week ended Nov. 3. Continuing claims reflect the number of people already receiving benefits. About 4.98 million people received some kind of state or federal benefit in the week ended Oct. 27 down 100,423 from the prior week. Total claims are reported with a two-week lag.
WASHINGTON (MarketWatch) - The damage caused by Hurricane Sandy sent U.S. jobless claims soaring by 78,000 in the week ended Nov. 10 to an 18-month high of 439,000, according to the latest government figures. A Labor Department official on Thursday said claims surged in the eastern parts of the country that laid in the path of the storm. The destruction of job sites, closure of government offices and widespread power outages caused more people to file claims after an initial delay. Economists surveyed by MarketWatch had expected claims to climb to 380,000 on a seasonally adjusted basis. Initial claims from two weeks ago were revised up to 361,000 from an original reading of 355,000, based on more complete data collected at the state level. The average of new claims over the past month, meanwhile, climbed by 11,750 to 383,750. The four-week average reduces seasonal volatility in the weekly data and is seen as a more accurate barometer of labor-market trends. Also, Labor said continuing claims increased by 171,000 to a seasonally adjusted 3.33 million in the week ended Nov. 3. Continuing claims reflect the number of people already receiving benefits. About 4.98 million people received some kind of state or federal benefit in the week ended Oct. 27 down 100,423 from the prior week. Total claims are reported with a two-week lag.
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