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

 
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%.

 

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