Claims for jobless benefits fall more than forecast

Applications for unemployment benefits in the U.S. declined to the lowest level in almost two months, showing further healing in the labor market. More

To continue reading this article, please do one of the following.



economic indicators

Claims for jobless benefits fall more than forecast

BLOOMBERG FILE PHOTO/MICHAEL NAGLE
JOBLESS CLAIMS in the week ended Nov. 16 dropped by 21,000 to 323,000, the lowest level in almost two months. Economists surveyed by Bloomberg had predicted a drop to 335,000.
Posted 11/21/13

WASHINGTON – Applications for unemployment benefits in the U.S. declined to the lowest level in almost two months, showing further healing in the labor market.

Jobless claims in the week ended Nov. 16 dropped by 21,000 to 323,000, the fewest since the week ended Sept. 28, from a revised 344,000 the previous week, the Labor Department said Thursday in Washington. The median forecast of 47 economists surveyed by Bloomberg called for a drop to 335,000. Last week included the Veterans’ Day holiday, which makes adjusting the data for seasonal swings more difficult, a Labor Department spokesman said.

Rising sales going into the holiday-shopping period will probably prompt employers to keep current workers on staff to meet demand. Fewer firings may also lead to bigger gains in hiring that will help boost consumer spending, which accounts for almost 70 percent of the economy.

“If you want to look for good news in the labor market in 2013, that’s one of the things you look at – layoffs have come down,” Guy Berger, an economist at RBS Securities Inc. in Stamford, Conn., said before the report. “The negative end of the ledger is getting smaller, and that’s enough to allow employment to grow and unemployment to fall.”

Economists’ estimates in the Bloomberg survey ranged from 323,000 to 360,000. The prior week’s claims were revised up from an initial reading of 339,000.

No states estimated the number of claims for last week, the Labor Department said.

Producer prices

Another report on Thursday showed wholesale prices dropped in October for a second month, showing inflation remains tame.

The 0.2 percent decrease in the producer price index followed a 0.1 percent fall the prior month, the separate Labor Department report showed. The decline matched the median estimate in a Bloomberg survey of 75 economists. The so-called core measure, which strips out volatile food and fuel, climbed 0.2 percent after a 0.1 percent gain in September.

Next Page
Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • Healthiest Employers
    Celebrate with the Healthiest Employers in RI on August 14th at the Providence M ...
  • 40 Under Forty
    Thank you to our sponsors and to all those who attended the 10th Anniversary of ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement