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Initial Claims Drop Sharply to 410K as Fallout from Hurricane Sandy Eases

November 21, 2012 9:42 AM EST Send to a Friend
Americans filing for unemployment insurance fell last week as the fallout from Hurricane Sandy continues to ebb.

Initial claims fell by 41,000 last week to 410,000, the U.S. Labor Department said Wednesday.the number compares with a revised-higher reading of 451,000 the prior week and expectations for a drop to 423,000 apps.

Continuing claims fell by just 30,000 to 3.337 million for the week ended November 10th. Estimates called for a rise to 3.4 million.

Seasonally-adjusted insured unemployment rate was 2.6 percent for the week ending November 10, unchanged from the prior week's unrevised rate, the Labor Department said.

The four-week moving average was 396,250, up from 386,750 the prior week.

In total, about 40 states and territories showed an increase in claims, with 13 showing a decline. The largest increases in initial claims for the week ending November 10 were in New York (+43,956), New Jersey (+31,094), California (+24,693), Pennsylvania (+7,037), and Connecticut (+1,808), while the largest decreases were in Ohio (-4,996), Indiana (-877), Arkansas (-665), Massachusetts (-607), and Maryland (-576).

U.S. markets are largely higher at the start Wednesday.




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