WASHINGTON — The number of Americans filing new claims for unemployment benefits fell last week, the Labor Department said Thursday, a possible sign the labor market’s slow recovery was gaining traction.þþInitial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 363,000, the department said. The four-week moving average, which smoothes out volatility, dropped 1,500 to a 367,250. Economists generally think a reading below 400,000 points to an increase in employment.þþAn analyst from the department said New Jersey and the District of Columbia did not turn in data because of Hurricane Sandy, which hit the Northeast earlier this week, so the Labor Department estimated results for the state and for the nation’s capital.þþEconomists have said the storm could lead to volatility in jobless claims over the coming weeks, but there were no signs the storm had any impact on last week’s data, the Labor Department analyst said.þþThe country’s weak labor market has dominated the presidential campaign and the monthly employment report, due on Friday, will give the last jobless data before Tuesday’s election. Polls show a tight race between President Obama and the Republican challenger, Mitt Romney.þþThe previous week’s estimate for jobless claims was revised slightly higher to show 3,000 more applications than previously reported.þþContinuing claims for jobless benefits rose 4,000 in the week ended Oct. 20 to a seasonally adjusted 3.263 million, the Labor Department said.þ
Source: NY Times
