Initial Unemployment Claims Rise Again

The number of people who joined the unemployment lines went up again last week, and that's terrible news for housing.

People filed initial unemployment claims at a seasonally-adjusted rate of 460,000 in the week ending April 3. That's an increase of 18,000 from the previous week's revised figure of 442,000. Even the 4-week moving average, which smooths out volatility, was up 2,250, to 450,250 a week, from the previous week's revised average of 448,000, according to the Department of Labor.

Economists and experts have their apologies and excuses ready to explain this latest report: The initial unemployment claims data often has its ups and downs, especially in the week leading up to Easter and the two weeks that follow. Because Easter doesn't fall on the same day every year, it's a challenge to get the seasonal adjustment right, according to coverage in Business Week.