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New jobless filings in US dip as output expands strongly
Source: Agencies |
November 22, 2012, Thursday
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THE number of Americans filing new claims for jobless benefits fell last week but remained elevated due to Superstorm Sandy, a sign the storm is proving to be a substantial disruption to the labor market.
Other data yesterday showed stronger growth in US manufacturing in November.
Initial claims for state jobless benefits dropped 41,000 to a seasonally adjusted 410,000, the US Labor Department said.
The storm has distorted a range of economic indicators, making it harder to gauge the underlying health of the US economy. Economists thought yesterday's readings nevertheless point to a struggling jobs market.
"There appears to be a noticeable deceleration of growth in the fourth quarter," said Peter Hooper, an economist at Deutsche Bank in New York.
"It would not be surprising if some of the new jobless claims are due to underlying weakness in the labor market," he said.
An analyst from the Labor Department said several states were still reporting an increase in claims due to Sandy, a mammoth storm that slammed into the East Coast on October 29.
The storm left millions of homes and businesses without electricity, shut down public transport and led many factories in the Mid-Atlantic and Northeast to curtail production. Retail sales declined as Sandy slammed the brakes on auto purchases last month.
The drop in new claims only partially unwinds the 90,000-claim increase registered the prior week. The department revised upward its estimate for new claims in the week ending on November 10 to 451,000.
Millan Mulraine, an economist with TD Securities in New York, said the storm would continue to distort claims for another few weeks.
However, most analysts think the economic impact of the storm is likely to be temporary.
Manufacturing rises
A separate report showed US manufacturing grew in November at its quickest pace in five months, bolstered by a rise in domestic demand.
Financial information firm Markit said its US "flash," or preliminary, manufacturing Purchasing Managers Index rose to 52.4 from a three-year low of 51 in October. A reading above 50 indicates expansion.
Output in the sector and domestic new orders also grew at their fastest pace since June, while the pace of factory hiring was the swiftest in four months.
Some respondents said efforts to rebuild after Sandy may have accounted for some of the increased demand.
Other data yesterday showed stronger growth in US manufacturing in November.
Initial claims for state jobless benefits dropped 41,000 to a seasonally adjusted 410,000, the US Labor Department said.
The storm has distorted a range of economic indicators, making it harder to gauge the underlying health of the US economy. Economists thought yesterday's readings nevertheless point to a struggling jobs market.
"There appears to be a noticeable deceleration of growth in the fourth quarter," said Peter Hooper, an economist at Deutsche Bank in New York.
"It would not be surprising if some of the new jobless claims are due to underlying weakness in the labor market," he said.
An analyst from the Labor Department said several states were still reporting an increase in claims due to Sandy, a mammoth storm that slammed into the East Coast on October 29.
The storm left millions of homes and businesses without electricity, shut down public transport and led many factories in the Mid-Atlantic and Northeast to curtail production. Retail sales declined as Sandy slammed the brakes on auto purchases last month.
The drop in new claims only partially unwinds the 90,000-claim increase registered the prior week. The department revised upward its estimate for new claims in the week ending on November 10 to 451,000.
Millan Mulraine, an economist with TD Securities in New York, said the storm would continue to distort claims for another few weeks.
However, most analysts think the economic impact of the storm is likely to be temporary.
Manufacturing rises
A separate report showed US manufacturing grew in November at its quickest pace in five months, bolstered by a rise in domestic demand.
Financial information firm Markit said its US "flash," or preliminary, manufacturing Purchasing Managers Index rose to 52.4 from a three-year low of 51 in October. A reading above 50 indicates expansion.
Output in the sector and domestic new orders also grew at their fastest pace since June, while the pace of factory hiring was the swiftest in four months.
Some respondents said efforts to rebuild after Sandy may have accounted for some of the increased demand.
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