"At least a few state labor offices were shut in the prior week so it's almost as if you have two weeks of claims in one"
- Wang, an economist at HSBC Securities USA Inc.
The number of people who applied for U.S. jobless benefits rose more than expected in the week ended November 10, however, as the Hurricane Sandy wreaked havoc on the labour market, the U.S. Department of Labor said Thursday. Initial applications for unemployment benefits soared 78,000 to 439,000, compared to expectations for an increase of 14,000 to 375,000. The four-week moving average edged higher 11,750 to 372,000.
"At least a few state labor offices were shut in the prior week so it's almost as if you have two weeks of claims in one," said Ryan Wang, an economist at HSBC Securities USA Inc. in New York. "
"Current macroeconomic conditions continue to pressure our customers," Chief Financial Officer Charles Holley said. "The holiday season is predicted to be very competitive, but we are very well prepared to deliver on the value and low prices our customers expect."
Standard & Poor's erased 0.16 per cent to 1,353.33. The Dow Jones Industrial Average lost 0.23 per cent, or 28.57 points, to 12,542.38. The Nasdaq Composite retreated 0.35 per cent to 2,836.94.
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