Jobless claims fall following Sandy surge | Reduction

Jobless claims fall following Sandy surge

Hurricane Recovery by Big Sean
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About 410,000 people filed for first-time unemployment benefits during the week ending November 17, down 41,000 from the previous week, the Labor Department said Thursday. Revised data show during the week ending November 10 initial claims spiked by 90,000. About 84,000 of those claims came from New York, New Jersey, Pennsylvania and Connecticut and were primarily due to the storm, the Department of Labor said in a release. Overall, that marked the largest increase in a single week since September 2005, in the wake of Hurricane Katrina. Superstorm Sandy hit the tri-state area on Oct. 29, causing widespread and prolonged power outages that resulted in a delay in those filing for first-time unemployment benefits. It also caused temporary layoffs for others as their employers were forced to close.

Concepts:

Unemployment Underemployment Unemployment benefits Beveridge curve Jobless recovery Keynesian economics Great Depression Hurricane Katrina

People:

Superstorm Sandy

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Sal Guatieri

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Additional Info:

Organization: Labor Department

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Organization: Department of Labor

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Company: BMO Capital Markets

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City: New York

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StateOrCounty: Connecticut

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StateOrCounty: Pennsylvania

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NaturalDisaster: Hurricane Katrina

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Jobless claims fall following Sandy surge

Webpage Provided Keywords:

• economy
• Hurricane Sandy
• initial claims
• sandy
• superstorm sandy
• unemployment benefits

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