Reuters: U.S.: Jobless claims fall for second straight week

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Jobless claims fall for second straight week Nov 29th 2012, 13:39 Tweet Share this Email Print Related News New home sales stagnant, cast shadow on housing Wed, Nov 28 2012 Factories post rebound, consumer sentiment shaky Wed, Nov 21 2012 Jobless claims fall, still high due to Sandy Wed, Nov 21 2012 Housing starts hit four-year high in October Tue, Nov 20 2012 Analysis: Weak data point to bigger economic drag from Sandy Mon, Nov 19 2012 Analysis & Opinion A truth bomb for Walmart supporters Covering Sandy Related Topics Investing Simplified » U.S. » Money » Job seekers speak to recruiters at a job fair sponsored by the New York Department of Labor in New York, June 7, 2012. Credit: Reuters/Keith Bedford WASHINGTON | Thu Nov 29, 2012 8:39am EST WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits dropped for a second straight week last week, unwinding some of the storm-related surge, which has muddled the labor market picture. Initial claims for state unemployment benefits dropped 23,000 to a seasonally adjusted 393,000, the Labor Department said on Thursday. The prior week's figure was revised up to show 6,000 more applications than previously reported. Economists polled by Reuters had forecast claims falling to 390,0000 last week. The four-week moving average for new claims, a better measure of labor market trends, increased 7,500 to 405,250, the highest level since October last year. Superstorm Sandy, which ripped through the East Coast in late October, has distorted initial claims data in recent weeks, making it hard to get a clear pulse of the labor market. A Labor Department official said there was no pronounced impact of the storm in last week's data, adding that claims also tended to be volatile around this time of year. The labor market improved in October, with employers adding 171,000 jobs to their payrolls, up from 148,000 the prior month. Economists say stripping out the three states - New York Connecticut and New Jersey - hardest hit by the storm, new applications for state unemployment benefits have been steady. The claims report showed the number of people still receiving benefits under regular state programs after an initial week of aid dropped 70,000 to 3.29 million in the week ended November 17. So-called continuing claims covered the week of the household survey from which the unemployment rate is derived. The jobless rate increased by a tenth of a percentage point to 7.9 percent in October, as more Americans - including those who had given up the search for work - entered the labor market. (Reporting By Lucia Mutikani; Editing by Neil Stempleman) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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