Please ensure Javascript is enabled for purposes of website accessibility
Free Article Join Over 1 Million Premium Members And Get More In-Depth Stock Guidance and Research

Jobless Claims Fall 9%

By Justin Loiseau - Nov 21, 2012 at 1:20PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Superstorm Sandy weighs on N.Y., N.J., Conn., and Pa.

Seasonally adjusted initial jobless claims fell 9% to 410,000 for the week ending Nov. 17, the Department of Labor announced today, a welcome sign after the previous week's 25% jump in claims. 

Signs of a labor market recovery had preceded the previous week's spike, and this most recent report provides a glimmer of hope that last week's steep rise may have been an anomaly, rather than a trend.

On a state level, Superstorm Sandy was credited with increasing jobless claims in New York, New Jersey, Pennsylvania, and Connecticut. New York and New Jersey initial claims increased by 44,000 and 31,000, respectively, in sectors ranging from construction to administrative services. Connecticut notched a 1,800-claim increase in the week while Pennsylvania saw 7,000 more claims than in the previous week. Meanwhile, Ohioans filed 5,000 fewer claims, due mainly to fewer manufacturing layoffs. 

Source: Author, data from U.S. Department of Labor

Although this week's numbers represent a decline from the previous week, its 400,000+ initial claims fail the economist's cut-off level for an improving labor market. The four-week moving average pushed higher, increasing 2.5% to 396,250.  

In more positive news, the advance seasonally adjusted insured unemployment rate remained steady at 2.6% for the week ending Nov. 10 (most recent available data). 

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 12/07/2021.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Our Most Popular Articles

Premium Investing Services

Invest better with the Motley Fool. Get stock recommendations, portfolio guidance, and more from the Motley Fool's premium services.