Initial jobless claims came in higher than expected for the second week in a row today. While economists were looking for a level of 360,000, the actual number came in slightly higher at 366,000. After dropping as low as 330,000 two weeks ago, claims have seen a moderate increase in the last two weeks.
The increase is not entirely a surprise, though. Two weeks ago, we noted that based on the Katrina/Sandy comparison, we were expecting to see claims drift higher in the coming weeks. (Click here for more.)