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Jobless Claims Fall, But Are Still Above 450,000

From Reuters:

Jobless claims fall, still high due to Sandy

November 21, 2012

WASHINGTON (Reuters) – The number of Americans filing new claims for jobless benefits fell last week but remained elevated due to superstorm Sandy, a sign the storm is proving to be a substantial disruption to the labor market.

Initial claims for state unemployment benefits dropped 41,000 to a seasonally adjusted 410,000, the Labor Department said on Wednesday…

This is not much of a drop, considering that last week’s number was up by a whopping 78,000. Which was then revised up to 12,000 to 90,000 new claims.

An analyst from the department said several states were still reporting an increase in claims due to Sandy, a mammoth storm that slammed into the East Coast on October 29…

Sorry, but it’s still hard to believe that so many people have been laid off for more than two weeks because of Sandy.

The storm left millions of homes and businesses without electricity, shut down public transportation and led many factories in the Mid-Atlantic and Northeast to curtail production…

But did all of these factories lay off people — and for long enough (two weeks) for them to apply for unemployment?

Economists generally think a reading below 400,000 points to an increase in employment.

Again, last week’s number was revised up from 439,000 to 451,000. And, for the record, the previous week’s claims number has now been revised up for 88 of the last 90 weeks.

In any case, it is interesting to note that Reuters (and the AP) are no longer trying to be quite so optimistic in their articles. Now that they have gotten Obama safely re-elected.

By the way, the Department of Labor‘s press release for today is dated: "THURSDAY November 21, 2012."

This article was posted by Steve on Wednesday, November 21st, 2012. Comments are currently closed.

2 Responses to “Jobless Claims Fall, But Are Still Above 450,000”

  1. untrainable says:

    How can Sandy possibly be responsible for people losing their jobs? I thought Oblameless’s response to Sandy fixed everything. Does this mean that Obama hates black people? Did FEMA ever open their doors again after the bad weather closings?

  2. AcornsRNutz says:

    But I remember the chocolate ration just went down yesterday! Will they swallow it, I wonder, after only 24 hours….yes, they swallowed it.

    I feel a hankering for cheap gin spiced with cloves and saccharine.

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