News Summary: Sandy Boosts US Jobless Data

The Associated Press

SANDY SPARKS LAYOFFS: U.S. unemployment benefit applications were elevated for a second straight week because Superstorm Sandy forced many people to seek temporary aid. First-time applications fell 41,000 last week to a seasonally adjusted 410,000, the Labor Department said.

MORE DISTORTIONS LIKELY: Two weeks ago, the storm drove applications up by 90,000 to 451,000, an 18-month high. Workers can claim benefits if their employers close and they aren't paid. Sandy could inflate applications for another week.

JOB GAINS TO SLOW: The storm may slow job growth this month. That's because monthly job gains are calculated by subtracting layoffs and quits from overall hiring.

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 This material may not be published, broadcast, rewritten or redistributed.

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