New jobless claims fall sharply

WASHINGTON – New jobless claims last week fell much more sharply than expected, a reassuring sign that the damaging effects from Hurricane Sandy to the labor market have largely passed.

The Labor Department said Thursday that 370,000 people filed initial claims for unemployment insurance in the week ended Saturday, down from a revised 395,000 in the prior week. The latest claims number was just about the weekly average for the 10 weeks prior to the storms.

The Labor Department on Friday will issue its jobs report for November, and that is expected to reflect the disruption to commerce and temporary loss of work after the storm knocked out power and caused severe damage in the Northeast, particularly New York and New Jersey.

The economy added 171,000 new jobs in October, according to the Labor Department, but analysts are forecasting a number closer to 100,000 for November because of Hurricane Sandy. A report earlier this week by payroll processor Automatic Data Processing Inc. estimated that Hurricane Sandy shaved 86,000 private-sector jobs in November, likely resulting in growth of 118,000 payrolls at private employers for the month.

New jobless claims, which are an indicator of layoffs and labor market trends, had spiked to 451,000 in the first full week of November in the wake of the storms. The latest tally marked the third straight weekly decline and a near-complete reversal of the 90,000 jump in the week after the storms.

—-

&Copy;2012 Tribune Co.

Visit Tribune Co. at www.latimes.com

Distributed by MCT Information Services

More in Herald Business Journal

Boeing could help launch orbiting space station for the moon

“We should have a lunar base by now. What the hell has been going on?”

How the Airbus-Bombardier alliance could squeeze Boeing

“It makes Boeing look like they’ve been playing tic tac toe against a chess master,” says an analyst.

More self-awareness could help build a better medical system

Marcy Shimada of Edmonds Family Medicine writes the second in a series about fixing our health care system.

Scratch-and-sniff brochures aimed to prevent disaster

Puget Sound Energy has distributed more than a million scratch-and-sniff brochures to… Continue reading

Jewelry, accessories store Fuego opens second site in Snohomish County

Northwest-based jewelry, accessories and gifts store Fuego opened a new outlet store… Continue reading

Extreme cleaning company Steri-Clean opens in Mukilteo

The first Washington franchise of the Steri-Clean company will celebrate its grand… Continue reading

Justices to hear government’s email dispute with Microsoft

A lower court ruled emails in a drug case couldn’t be searched because they were in Ireland.

Negotiators give up hope of rewriting NAFTA this year

A fourth round of negotiations between the U.S., Mexico and Canada ended in mutual exasperation.

Facebook acquires TBH, an anonymous teen compliment app

TBH, short for “to be honest,” prompts users to answer polls about people they know.

Most Read