Saturday, March 28, 2015

Striking Verizon workers fed a rise in weekly jobless claims

Initial claims rose by 5,000 last week, and the Labor Department noted the impact of the recently ended strike against the phone company.

Striking Verizon workers fed a rise in weekly jobless claims

It's all over now, but the recent strike by union workers at Verizon had an impact on the weekly initial jobless claims report.

Claims were up by 5,000 to 417,000 last week, according to the Department of Labor. The four-week moving average also bumped higher by 4,000 claims to 407,500.

The agency said that the labor dispute that saw 45,000 members of the Communiciations Workers of America go on strike against Verizon produced at least 12,500 initial claims for unemployment insurance in the week ending Aug. 13 and at least 8,500 the following week.

In other news, Peco parent Exelon said it has completed its purchase of a natural gas-fired power plant in Texas for $305 million. The deal adds 720 megawatts of capacity, bringing its total capacity in the Lone Star state to 3,132 megawatts.

And Philadelphia's Crown Holdings plans to build two beverage can factories in China to boost its capacity there. Once construction is done, Crown will have 10 plants in China.

Mike Armstrong Inquirer Columnist
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at

Mike Armstrong Inquirer Columnist
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