Last Update: 21-Nov-12 08:44 ET
Initial Claims Decline as the Effect of Hurricane Sandy Wanes
The initial claims level fell from an upwardly revised 451,000 (from 439,000) for the week ending November 10 to 410,000 for the week ending November 17. The Briefing.com consensus expected the initial claims level to fall to 423,000. The recent volatility in the initial claims level is the direct result of conditions normalizing following Hurricane Sandy. After a period when claimants were unable to file for claims due to weather conditions, filings surged during the week ending November 10 as workers were able to report to unemployment offices. The sharp pullback this week showed that the effects of the hurricane on the employment situation were only temporary. Typically, initial claims return to pre-disaster levels within a week or two of the natural disaster. In this case, we anticipate the initial claims level will drop back to the 350,000 -- 400,000 range, where it has been bounded for the past several months, by next week. The continuing claims level decreased from an upwardly revised 3.367 mln (from 3.334 mln) for the week ending November 3 to 3.337 mln for the week ending November 10. The consensus expected the continuing claims level to increase to 3.400 mln.
The initial claims level fell from an upwardly revised 451,000 (from 439,000) for the week ending November 10 to 410,000 for the week ending November