Initial Jobless Claims Fall To 410k, But...

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Thanks to the Thanksgiving Day holiday, this week’s initial jobless claims report is out a day early.

The number fell to 410k, which was right in line with economists’ estimates.

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However, last week’s number was revised up to 451k from a previous reading of 439k.

Markets aren’t really reacting to this report.  For now, economists expect their estimates and the weekly report will be out of whack due to Hurricane Sandy.

The number is being pushed above the 400k level due to Sandy-related disruptions.

TD Securities’ Eric Green expects these effects to linger for another two weeks.  Here’s a look at initial claims from Green’s latest note.

jobless claims

Photo: TD Securities

From the DoL’s report:

In the week ending November 17, the advance figure for seasonally adjusted initial claimswas 410,000, a decrease of 41,000 from the previous week’s revised figure of 451,000. The 4-week moving average was 396,250, an increase of 9,500 from the previous week’s revised average of 386,750.

The advance seasonally adjusted insured unemployment rate was 2.6 per cent for the week ending November 10, unchanged from the prior week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending November 10 was 3,337,000, a decrease of 30,000 from the preceding week’s revised level of 3,367,000. The 4-week moving average was 3,285,000, an increase of 19,500 from the preceding week’s revised average of 3,265,500.

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