Super storm Sandy drove U.S. weekly jobless claims up to 439,000, while
consumer prices rose slightly last month as higher rents and costlier
food offset cheaper gas.
Sandy drove the number of people seeking unemployment benefits up to a seasonally adjusted 439,000 last week, the highest level in 18 months.
Sandy drove the number of people seeking unemployment benefits up to a seasonally adjusted 439,000 last week, the highest level in 18 months.
The
Labor Department said applications increased by 78,000 because a large
number of applications were filed in states damaged by the storm. People
can claim unemployment benefits if their workplaces close and they
don't get paid.
The storm may distort claims for another two weeks, the department has said.
The four-week average of applications, a less volatile number, increased to 383,750.
Before
the storm, applications fluctuated between 360,000 and 390,000 this
year. At the same time, employers added an average of nearly 157,000
jobs a month. That's barely enough to lower the unemployment rate, which
was 7.9 percent in October.
Meanwhile,
rising food costs and higher rents offset a drop in gas prices last
month, leaving consumer prices only slightly higher in October compared
with the previous month.
Read more: http://www.cnbc.com/id/49836852
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