It’s a beat!
355K is below the 365K that was expected, and nicely below the 363K last week.
BUT: According to Michael Mckee at Bloomberg, one state failed to file initial claims this week due to lack of electricity, so it’s not clear how much that affected things.
What’s clear is that the number will spike up.
Earlier: The big datapoint of the day: Initial jobless claims.
Analysts are expecting 365K claims, a tick up from 363K.
But it’s possible that we’ll see a huge miss due to Hurricane Sandy.
Either way, a Sandy spike is likely to come soon.
The number will be out at 8:30 AM.
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