Initial Claims Fell to 355K Last Week, Though Weather May Have Caused Some Fluctuation

November 8, 2012 10:25 AM EST
New data out of the U.S. Department of Labor shows initial jobless claims fell by more than expected last week, though the unusual weather may have had an effect on the data.

Americans seeking unemployment insurance fell 8,000 to 355,000 apps for the week ended November 3rd. The Street was looking for an increase to 370,000 apps. Claims from the prior reading were adjusted lower by 1,000 to 362,000 apps.

In terms of weather, one analyst from Raymond James said you usually see a drop in claims if conditions are bad, with a rebound in claims over the next few weeks. Without electricity, many are unable to file claims, while those who lost work due to weather are likely to apply the following week.

The four-week claims average rose 3,250 to 370,500 apps. Those on emergency relief rose 20,000 to 2.15 million for the week ended October 20th.

Advance seasonally-adjusted unemployment rate rose 0.1 point to 2.4 percent.

Last week, nonfarm payroll additions outpaced views at 184,000 workers, the most since February. However, despite the positive data, the economy hasn't been able to sustain a solid growth track, with year-to-date additions of 157,000 workers just about flat from the same period last year.

U.S. markets are higher on the session, following a massive drop due to the Presidential election and, some may argue, President Obama retaining office for another four years.

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