Applications for aid show healing market
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 Thursday that 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 spokesman said.
Applications declined in one state last week because its unemployment office lost power during the storm and wasn’t able to receive applications. The spokesman wouldn’t identify the state. The storm also pushed up applications in other states because those temporarily out of work sought benefits.
If applications stay below 360,000 after the storm’s effects fade, it would be a good sign for the job market.
Weekly applications have fluctuated between 360,000 and 390,000 since January. At the same time, employers have added an average of nearly 157,000 jobs a month. That’s been only enough to lower the unemployment rate slowly. It has declined to 7.9 percent from 8.3 percent this year.
There are some signals that the job market is improving. Employers added 171,000 jobs in October, and hiring in August and September was much stronger than first estimated, the department said last week. The economy has gained an average of 173,000 jobs a month since July. That’s up from 67,000 a month in April through June.
• From wire dispatches and staff reports