"Our numbers are still distorted by Hurricane Sandy"
- Labor Department official
The number of people who applied for U.S. jobless benefits tumbled in line with analysts' expectations in the week ended November 17, as damage to the labour market caused by superstorm Sandy began to subside, the U.S. Department of Labor said Wednesday. Initial applications for unemployment benefits declined 41,000 to 410,000, down from 451,000 in the preceding week. The four-week moving average edged higher 396,250 from 386,750.
"Our numbers are still distorted by Hurricane Sandy," a Labor Department official said as figures were released. There are still "states filing excess claims," he said.
"We're seeing small amounts of job growth right now," said Bill Wheat, chief financial officer at D.R. Horton Inc. "We're going to need to see overall improvement in the economy, strengthening of the economy and the job market to see a long-term continued growth in housing."
Standard & Poor's grew 0.23 per cent to 1,391.03. The Dow Jones Industrial Average gained 0.38 per cent, or 78.38 points, to 12,836.89. The Nasdaq Composite surged 0.34 per cent to 2,926.55.
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