Facebook Twitter LinkedIn
Register for our daily updates!

Featured Advisor

Kim Butler

Partners for Prosperity, Inc.

City:Mt. Enterprise

State: TX

I have 20+ years of handling alternative investments in cash, growth and income for clients nationwide.  I strive to help my clients with all things financial in every way possible over the phone and the web.  I own an alpaca farm which I enjoy working during my downtime.  I also enjoy gardening, writing and reading books.  I also train other advisors on Prosperity Economics.

Click to see the full profile

Share |

Sandy Sends Initial Claims for Unemployment Benefits Higher

Superstorm likely to impact data for another two weeks

Initial claims for unemployment benefits in the week ending Nov. 10 rose to a seasonally adjusted 439,000, an increase of 78,000 from the previous week, the Labor Department reported Thursday. The four-week moving average, a less volatile number that flattens out week-to-week fluctuations in the data, was 383,750, an increase of 11,750 from the prior week. The jump in initial applications for unemployment benefits is being attributed primarily to superstorm Sandy, which wreaked havoc along the East Coast on Oct. 29. A large number of jobless claims were filed in the states damaged by the storm, the Labor Department said. Data is likely to be affected for another two weeks.  Before Sandy, initial claims for unemployment benefits fluctuated between 360,000 and 390,000. The number of Americans filing for continuing unemployment claims during the week ending Nov. 3 was 3,334,000, an increase of 171,000 from the preceding week. The four-week moving average was 3,254,500, an increase of 17,750 from the previous week. States reported 2,085,605 persons claiming emergency unemployment benefits for the week ending Oct. 27, a decrease of 32,570. There were 2,935,466 claimants in the comparable week in 2011. The total number of people claiming benefits in all programs for the week ending Oct. 27 was 4,977,808, a decrease of 100,423 from the previous week. The largest increases in initial claims for unemployment benefits for the week ending Nov. 3 were in Connecticut, Michigan, New Jersey, Ohio, and Pennsylvania. The largest decreases were in California, Florida, Georgia, Indiana, and New York.