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News Summary: Weekly US Jobless Aid Claims Fall

By The Associated Press

FEWER JOBLESS CLAIMS: Weekly U.S. unemployment benefit applications fell 25,000 last week to a seasonally adjusted 370,000, the government said Thursday. The third straight drop shows a temporary spike caused by Superstorm Sandy has faded.

PRE-STORM LEVELS: Weekly applications are back to pre-storm levels that are consistent with modest hiring. Applications had spiked a month ago after Sandy shuttered businesses in the Northeast.

QUICK RECOVERY: Some analysts were encouraged by the quick drop. Pierre Ellis, an economist at Decision Economics, said the decline suggests companies are quickly re-hiring workers displaced by the storm. Rebuilding and repair efforts could also be creating jobs, he said.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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