First and foremost, Happy Thanksgiving!
Initial Jobless Claims
SANDY, SANDY, SANDY
Fewer Americans filed applications for unemployment benefits last week as damage to the labor market caused by SuperStorm Sandy began to subside. Jobless claims decreased by 41,000 to 410,000 in the week ended Nov. 17. The number of applications matched the median forecast of 48 economists surveyed by Bloomberg. The level of claims reflects the economic drag associated with Sandy, which left about 8 million homes and businesses without power for days. Applications in New York during the week ended Nov. 10 jumped 43,956 and those in New Jersey surged 31,094. Those data are reported with a one-week lag. Forty states and territories showed an increase in claims, while 13 reported a decrease.
The four-week average, a less volatile measure than the weekly figures, rose to 396,250 from 386,750. Economists’ estimates for claims last week ranged from
365,000 to 500,000. Claims in the previous week were revised to 451,000 from a previously reported 439,000.