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U.S. jobless benefit applications fall slightly

Associated Press
November 8, 2012
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The number of people seeking unemployment benefits fell last week by 8,000, to a seasonally adjusted 355,000, a possible sign of a healing job market. But officials cautioned that the figures were distorted by Superstorm Sandy.

The Labor Department said Thursday that the four-week average of applications, a less volatile measure, rose by 3,250, to 370,500.

The storm could affect weekly applications for up to four weeks, a Labor spokesman said.

Applications declined in one state last week because power outages prevented officials from receiving applications. The spokesman wouldn’t identify the state. The storm also pushed applications in other states up because some people who could not go to work sought benefits.

Most economists expect applications will rise in the coming weeks. Jill Brown, an economist at Credit Suisse, said that large hurricanes have historically pushed up applications by about 4 percent. That suggests they could reach 390,000.

If applications stay below 360,000 after the storm’s effects fade, it would be a good sign for the job market.

Weekly applications have fluctuated between 360,000 and 390,000 since January. At the same time, employers have added an average of nearly 157,000 jobs a month. That’s only been enough to lower the unemployment rate slowly. It has declined to 7.9 percent from 8.3 percent this year. And some of the decline was because more people gave up looking for work and weren’t counted as unemployed.

The number of people receiving benefits rose to nearly 5.1 million in the week ended Oct. 20, the latest data available. That’s about 42,000 more than the previous week.

There are some signals that the job market is improving. Employers added 171,000 jobs in October, and hiring in August and September was much stronger than first estimated, the department said last week. The economy has gained an average of 173,000 jobs a month since July. That’s up from 67,000 a month in April through June.

The unemployment rate rose to 7.9 percent in October from 7.8 percent in the previous month. But that is because more Americans began looking for work, possibly because they felt their chances had improved. Not all of them found jobs, which pushed up the unemployment rate.

Employers posted fewer available jobs in September than in August, according to a separate report from the Labor Department on Tuesday. That happened after job openings were revised higher in August. Employers filled fewer openings, the report showed, but layoffs also fell.

The economy picked up slightly this summer after a sluggish spring. Growth rose to a 2-percent annual rate in the July-September quarter, up from 1.3 percent in the April-June quarter. Consumers and the federal government spent more, and the housing market contributed to growth for the sixth straight quarter.

Most economists expect growth will remain sluggish through early next year. Many hope the economy will accelerate if the White House and Congress avoid the so-called “fiscal cliff,” the package of tax increases and spending cuts scheduled to take effect early next year. If the cliff isn’t avoided, it could push the U.S. economy back into recession.

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  • AP Bias
    The unemployment rate rose to 7.9 percent in October from 7.8 percent in the previous month. But that is because more Americans began looking for work, possibly because they felt their chances had improved. Not all of them found jobs, which pushed up the unemployment rate. --------------------------------------- yeah they were really looking because their chances improved. its called seasonal hiring. people need extra cash for holidays. i'm sure there will be bounce in jobs created in next month and people will think economy has improved. more part time retail jobs are created over christmas. the fiscal cliff is going to happen. obama wants higher taxes. thats his plan all along. problem is, even with higher taxes on the rich if tax breaks expire, this generates 60 billions a year in extra tax revenue from the rich. the Gov spends 10 billion a day. doesn't take a genius to figure out that taxing the rich more isn't going to balance a budget, create jobs, or fix the economy.

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  1. The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.

  2. I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!

  3. Coming from her background,she should be used to those kinds of advances! Menard probably figured it was ok to tuck a buck!

  4. I'm still waiting for the list of available, high quality apartments in the Village.

  5. This criminal masquerading as a lawyer obviously has serious issues. He’s been proven by his own testimony to be a pathological liar and probably has a personality disorder as he seems to be constructing a reality around himself. He places no value on truth, honesty or loyalty as evidenced by what he has done to his clients and his own family. And by the demands and lies he has made in court, it is evident he feels entitled to do and say whatever suits his purpose and everyone else is expected to nod obediently and believe him because he is, after all, Bill Super Lawyer; or BS lawyer for short. This millionaire wanna-be no longer owns anything of value; he squandered it and put everything he had into foreclosure. He has no money, house, car, boat or vacation home left to show for what he earned or what he stole. He’s just another loser without morals who will be doing time. I’m certain all of his courtroom shenanigans are antagonizing his poor victims. As Lamar said, his behavior and claims in court have been outrageous. The judge needs to be more than concerned; he needs to be judicial and end this nonsense.

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