Election Over, Jobless Claims Skyrocket
In the week ending November 10, the advance figure for seasonally adjusted initial claims was 439,000, an increase of 78,000 from the previous week's revised figure of 361,000. The 4-week moving average was 383,750, an increase of 11,750 from the previous week's revised average of 372,000.
The market expected a less horrific 388,000. Claims had taken a bit of a dip last week, in the wake of Sandy, but people waiting a week to get their paperwork in doesn't fully account for the leap (between the two weeks, the average is 397,000, still significantly above the recent trend).
Looks to me like this is the highest level since April 2011.
If this is a harbinger of more unmassaged DOL data yet to be unveiled, now that there's no election to worry about, I'm going back to bed.
Handcrafted by Flip on November 15, 2012 |
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