What a hurricane looks like when you’re an economist, part 527: jobless claims

The impact of Superstorm Sandy, which hit the northeastern United States last month,  continues to wash up in economic data. Today, weekly readings on new claims for unemployment benefits surged to their highest level since the spring of 2011, hitting 439,000. If history is any guide, this number should decline. Take a look at the similar spike back in 2005, which reflected the impact of Hurricane Katrina on the US Gulf Coast.