US weekly jobless claims fell 53,000 to 357,000; cont. claims at 3.5-year high
04.10.08, 9:49 AM ET
WASHINGTON (Thomson Financial) - The number of individuals filing new claims for unemployment insurance fell unexpectedly in the week by the largest amount in over two-and-a-half years, while the number of those continuing to receive unemployment insurance rose to its highest level in over three-and-a-half years, the Labor Department said today.
The number of first-time claims filed in the week ending April 5 dropped 53,000 to 357,000, well below the 386,000 claims economists polled by Thomson's IFR Markets were expecting. The number of initial claims in the week fell by the largest amount since September 2005.
The four-week moving average for initial claims increased 2,500 to 378,250, the highest level since October 2005. Economists prefer the four-week moving average because it smoothes out fluctuations in weekly data.
For the week ending March 29, the number of individuals continuing to receive unemployment insurance rose by 3,000 to 2.940 million, above the 2.915 million claims economists were expecting. The week's continuing claims number reached its highest level since July 2004.
The four-week moving average for continuing unemployment claims increased 36,500 to 2.899 million, the highest level since August 2004.
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