Weekly Jobless Claims Negatively Affected By Sandy And Likely Will Be For Several Weeks

Friday, November 16, 2012 07:43
edit
Weekly Jobless Claims Negatively Affected By Sandy And Likely Will Be For Several Weeks

Tags: economic indicators | Economic Outlook | economy

Jobless claims rose sharply as a result of Superstorm Sandy with weekly numbers for new claims climbing by 78,000 to a seasonally adjusted 439,000 in the week ended November 10.

This Website Is For Financial Professionals Only


 
The Labor Department tied the increases to Sandy because school closings, flooded factories, and stalled construction sites put people out of work.
 
Next week’s report will have more details about which sectors were most affected. New Jersey and Connecticut reported increases directly related to the storm.
 
In New Jersey, the construction, transportation, accommodation, and food services industries were most affected.
 
Claims did not rise in New York because power outages made it impossible to file them. Analysts say Sandy will affect the jobs report for the next several weeks.
 
Another report showed inflation pressure in October backed off because falling gasoline prices offset rising food and shelter costs.
 
Excluding food and energy costs, which are more volatile, consumer prices rose .2% last month.
 
That number included a .3% in shelter costs and higher prices for apparel and airfares.
 
Another labor report showed real average weekly earnings fell for the third consecutive month in October, down .2%. Since their peak in October of 2010, real average weekly earnings have fallen 1.8%.

 

Comments (0)

Write comment

You must be logged in to post a comment. Please register if you do not have an account yet.

busy