Initial Jobless Claims Drop

Initial unemployment claims—applications for jobless benefits—fell by 8,000 last week to 355,000, according to data from the Labor Department. Part of this drop could be attributed to Hurricane Sandy both preventing unemployed workers from filing claims as well as the storm obstructing the recording and transmission of the data by the states. The four-week moving average of weekly claims, which is less volatile than the week-to-week numbers, increased by 3,250 to 370,500. Over the year, however, initial claims are down by 33,000 from the last week in 2011, while the four-week moving average is down 25,750 over the same time period.