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Thursday, November 15, 2012

Big jump in weekly jobless claims caused by Sandy

The initial weekly jobless claims numbers had a big jump last week, to 439,000. If that holds, it would mean a drastic slowdown in the jobs market. However, the Labor Department says the increase is due largely to Super Storm Sandy and its aftermath and the claims figures will be extremely volatile and not reflective of the overall market until much of that is resolved.

So, given that, we can't really tell if the market is still strengthening or stuck in second gear. What remains clear is this, though: The 2013 economy is poised to be really, really strong as long as we don't screw it up with the Washington-created fiscal cliff and the euro zone's recent economic struggles - austerity measures seem to have taken them backwards - don't pull us down, either.

Until the fiscal cliff situation is resolved and the aftermath of Super Storm Sandy gets to a more stable place, uncertainty will remain in the air. Stay tuned ... 

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