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After two straight weeks of higher-than-expected increases, initial jobless claims surprised to the downside earlier this morning, falling from 368K down to 341K. As highlighted in the chart below, the trend in jobless claims since Hurricane Sandy more than three months ago continues to mimic what we saw back in 2005 following Hurricane Katrina. Click here for more.

(click to enlarge)

Source: Initial Claims Surprise To The Downside