Top

Weekly Unemployment Aid Applications

November 15, 2012 by  

Weekly Unemployment Aid Applications, Superstorm Sandy drove the number of people seeking unemployment benefits up to a seasonally adjusted 439,000 last week, the highest level in 18 months.

The Labor Department said Thursday that weekly applications increased by 78,000 mostly because a large number of applications were filed in states damaged by the storm. People can claim unemployment benefits if their workplaces close and they don’t get paid.

The storm has affected the claims data for the past two weeks and may distort reports for another two weeks, the department has said.

Sal Guatieri, an economist at BMO Capital Markets, said that a similar jump in applications occurred after Hurricane Katrina in 2005.

“We should see a full retracement of this increase in coming weeks,” he said. Applications were declining before the storm, he added, “though levels are consistent with moderate, rather than strong, job growth.”

The four-week average of applications, a less volatile number, increased to 383,750.

Superstorm Sandy hit the East Coast on Oct. 29 and disrupted businesses from North Carolina to Maine. The storm also cut power to roughly 8.5 million homes and businesses in 10 states. Some are still without power.

Report to Team

_________________________________________
Please feel free to send if you have any questions regarding this post , you can contact on

usspost@gmail.com

Disclaimer: The views expressed on this site are that of the authors and not necessarily that of U.S.S.POST.

Comments

Comments are closed.

Bottom