Weekly Jobless Claims Surge Higher
The U.S. Labor Department is out with another weekly jobless claims reading. Weekly claims rose by 24,000 to 329,000 in the past week, and the prior week's reading was revised upward by 1,000 claims.
The one caveat we would issue is that the reports around Easter each and every year can create some confusion and volatility in the weekly jobs reports. That being said, the Labor Department did specifically say in its release that there were no special factors impacting this week's initial claims.
Dow Jones (WSJ) was calling for a reading of 315,000 in the past week. Bloomberg was looking for a slightly lower reading of about 313,000 in weekly claims.
Another boost was seen in the four week average, which was up by 4,750 to 316,750.
Continuing jobless claims, measured with a one-week lag, continued their decline with a drop of 61,000 to 2.68 million. This continues to be at multiyear lows, and it was listed as the lowest level for insured unemployment since December 8, 2007, when it was 2,672,000.
Filed under: Economy