Unemployment claims rise unexpectedly amid hurricaine Sandy

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Source: Bloomberg
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U.S. jobless claims rose unexpectedly last week on the post-effects the hurricane Sandy has caused. The number of jobless claims rallied to 439,000, up by 78,000, showing the biggest increase since April 2011.The applications for unemployment benefits were forecast to increase to 375,000 from the last week. However, the labor market was improving prior the storm overtook U.S. In addition, the Labor department had to estimate some of the totals, as three states and territories did not report on the number of unemployment claims amid government holiday on Monday.

"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. You have a double whammy this week, where people were filing claims they were unable to previously and individuals unable to work for the storm were filing additional claims," said Ryan Wang, an economist at HSBC Securities USA Inc. in New York.


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Fri, 16 Nov 2012 08:17:45 GMT

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