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Jobless claims surged by 78,000 in the wake of Hurricane Sandy, but the four-week moving average rose by much less. The average of initial unemployment claims rose by 11,750 in the week ended November 10 to 383,750, according to seasonally adjusted numbers released today by the U.S. Department of Labor. The previous week’s moving average was revised upward by 1,500 to 372,000.
The four-week average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week were 439,000, up 78,000 from the previous week’s revised figure of 361,000.
Bloomberg discusses the impact of the storm here.