Jobless claims came in considerably better than expected for the second straight week today. While economists were looking for claims to rise to 460K, the actual reading came in at 430K. This was down 5K from last week, and it was the lowest reading since January 2008.
Looking at the chart below, the trend in claims over the last several weeks following Hurricane Sandy has continued to follow the pattern of claims in the period following Huricane Katrina in 2005. If the pattern continues, look for claims to drift higher in the weeks and months ahead. For more, click here.