In yet another amazing coincidence, weekly jobless claims spiked to 439,000 the week after the election. Last week, after the election, was the week after the Hurricane, yet jobless claims remained pretty flat. This week, after all the layoff announcements, weekly jobless claims spiked to 439,000, a 18 month high.
In the week ending November 10, the advance figure for seasonally adjusted initial claims was 439,000, an increase of 78,000 from the previous week’s revised figure of 361,000. The 4-week moving average was 383,750, an increase of 11,750 from the previous week’s revised average of 372,000.