I fully expect a significant drop in first time UE claims due to Sandy hampering data collection in so many states.
"In the week ending November 3, the advance figure for seasonally adjusted initial claims was 355,000, a decrease of 8,000 from the previous week's unrevised figure of 363,000. The 4-week moving average was 370,500, an increase of 3,250 from the previous week's unrevised average of 367,250."
Holy mackerel, Andy!!!
NO revision in last week's headline number!!!!!!!
...and NO mention of data delays caused by Sandy!!! Next week should be a real beaute!
But there will be a spike upward in those areas for a few months ( mainly in construction ) followed by a sudden drop after everything is repaired. It’s the broken window fallacy in action.