Weekly US jobless claims fall to 355K last week
WASHINGTON (AP) — The number of people seeking unemployment benefits fell last week by 8,000 to a seasonally adjusted 355,000, a possible sign of a healing job market.
But officials cautioned that the figures were distorted by Superstorm Sandy.
The Labor Department said today the four-week average of applications, a less-volatile measure, rose by 3,250 to 370,500.
The storm could affect weekly applications for up to four weeks, a Labor Department spokesman said.
Applications declined in one state last week because power outages prevented officials from receiving applications. The spokesman wouldn't identify the state. The storm also pushed applications in other states up because some people who could not go to work sought benefits.
Most economists expect applications will rise in the coming weeks. Jill Brown, an economist at Credit Suisse, said that large hurricanes have historically pushed up applications by about 4 percent. That suggests they could reach 390,000.
If applications stay below 360,000 after the storm's effects fade, it would be a good sign for the job market.