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Market
Jobless Claims See Largest Spike Since Sandy
WASHINGTON (5/17/13)--Jobless claims spiked by 32,000--more than economists had predicted--during the week ended May 11, said the Labor Department Thursday.

Claims for the week totaled 360,000, which is 30,000 more than the median forecast by economists surveyed by Bloomberg.  Estimates had ranged from 315,000 to 355,000 (Bloomberg.com and Moody's Economy.com May 16). The previous week's claims were revised to 328,000 from the 323,000 originally reported.

The claims are the highest since November, after Superstorm  Sandy had hit the North East, said Bloomberg.

The claims' four-week moving average rose by 1,250, which Moody's termed as a "moderate" increase, to 339,250. That means the average is close to its multiyear low of the previous week.

Continuing claims dropped 4,000 in the week ended May 4 to reach 3.01 million, near a multiyear low. The four-week moving average for these claims fell 21,000 to 3.02 million, a recovery low, said Moody's.


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