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Lowest Initial Claims Reading Since January 2008

Initial jobless claims fell from 372K down to 335K in the last week, hitting their lowest level since January 2008.  Looking at the chart below, it is interesting to note that just as claims spiked and then hit a new multi-year low following Hurricane Katrina, they seem to be following a similar path in the aftermath of Hurricane Sandy.  If the pattern continues, look for claims to rise moderately in the next several weeks.  Continue reading.