jobless claims Sandy

WASHINGTON -- The number of Americans filing new claims for jobless benefits surged last week to a 1½-year high, a sign superstorm Sandy had dented the U.S. economy by leaving tens of thousands of people out of work.

Initial claims for state unemployment benefits rose 78,000 to a seasonally adjusted 439,000, the Labor Department said on Thursday. That was well above the median forecast in a Reuters poll of 375,000.

An analyst from the department said several states from the mid-Atlantic and Northeast reported large increases in claims due to Sandy, a mammoth storm that slammed into the East Coast in late October.

The deadly storm left millions of homes and businesses without electricity, although the economic impact of the storm is likely to be temporary.

Economists expect the storm could shave as much as half a percentage point from economic growth in the fourth quarter. However, any lost activity should be made up early next year.

Retail sales data on Wednesday pointed to a softening in U.S. consumer spending early in the fourth quarter. Overall retail sales fell as Sandy slammed the brakes on automobile purchases last month.

The surge in new jobless claims last week was the biggest one-week increase since September 2005.

The four-week moving average for jobless claims, which smooths out volatility, rose 11,750 to 383,750. Economists generally think a reading below 400,000 points to an increase in employment.

Continuing claims for jobless benefits rose 17,750 in the week ended Nov. 3 to a seasonally adjusted 3.255 million, the highest level since July 2008, the Labor Department said.


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dus48

its a done deal.there is nothing responsible hardworking people do.everything is a big lie.what about bengazi for heaven sake .what is that all about.good grief.

November 16 2012 at 1:58 PM Report abuse +1 rate up rate down Reply
1 reply to dus48's comment
freethedems2012

We liberals prefer to ignore the important issues.

November 16 2012 at 5:15 PM Report abuse rate up rate down Reply
anthdif

Unemployment doesn't spike because people are temporarily left without work for a week or two. This is an after election truth of an economy that is not on the rebound. lies, lies, and more lies to win an election. Shameful press for pandering to self interest.

November 16 2012 at 11:22 AM Report abuse +2 rate up rate down Reply
coochiescooter

Lean FORWARD America Obama's not done screwing us yet.

November 16 2012 at 9:13 AM Report abuse +2 rate up rate down Reply
coochiescooter

Soon Hostess will go under too, adding more to ranks of the unemployed.

November 16 2012 at 8:44 AM Report abuse -1 rate up rate down Reply
coochiescooter

Those damn shovel ready jobs anyway.

November 16 2012 at 7:12 AM Report abuse -2 rate up rate down Reply
Trudy Reams

Unemployment never went down to begain with, what went down, was the amount of people recieving their unemployment, the amount of people looking for gainful work (because there was none), and the people who just give up.
Sure, we all knew that the hurricane was going to make that rise. This world is a mess. Welcome Mr President, 4 more years and you will have enough time to sink us all. 30 Billion dollars going to another country again, is'nt helping the American people what so ever btw.

November 16 2012 at 6:15 AM Report abuse rate up rate down Reply
Iselin007

Fort Monmouth a former Miltary Electronics Unit in NJ is being used to house longterm victims of the storm that struck. The Fort was one of the Military downsizings that took place prevously. A huge tent in Linden NJ is supposedly to house up to 4,000 people related to the storms damage. The storms that have struck caused job loss but are eclipsed by the job destruction by the trade deals that left millions with out jobs.

November 16 2012 at 1:24 AM Report abuse -4 rate up rate down Reply
Jay

The reason for the rise in unemployment claims is because all the jobs to get the president re-elected are now gone. It really is that simple.

November 16 2012 at 12:25 AM Report abuse +1 rate up rate down Reply
obamasafiasco

mitchnoconnell
We cons wrote the book on hypocrisy, just ask my dear colleague Mccain

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
John Mccain will tell you in a minute that you democons are hypocrites Mitchnobraincells.

Obamasafiasco

November 15 2012 at 11:33 PM Report abuse rate up rate down Reply
1 reply to obamasafiasco's comment
freethedems2012

The world know Obama's a fiasco. Evan is the only holdout.

November 16 2012 at 5:12 PM Report abuse +1 rate up rate down Reply
Iselin007

Disasters like this one expose situations like unaffordable healthcare, a declining economy saturated in debt, inadequate agencies, and no show executives who collect bundles of wealth but split when trouble rears it's head.

The New World Order crushed the Middle Class and average workers creating a nation of serfs. This isn't an improvement it's shame! Like 911 the WTC was losing renters so instead of admiting the US was in Decline they blamed the terrorists for the poor economy. The terrorists while the bad guy in the situation were not reponsible for NAFTA and the other trade deals or financial crooks that destroyed the US economy.

The storms were unavoidable the trade deals could of been stopped!

November 15 2012 at 11:17 PM Report abuse -3 rate up rate down Reply
1 reply to Iselin007's comment
bcheerful3

YOU are extremely perceptive and express yourself well.

November 16 2012 at 12:57 AM Report abuse rate up rate down Reply