Unemployment Claims | Up by 13,000 to two-month high

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT – SEASONALLY ADJUSTED DATA

In the week ending April 7, the advance figure for seasonally adjusted initial claims was 380,000, an increase of 13,000 from the previous week’s revised figure of 367,000. The 4-week moving average was 368,500, an increase of 4,250 from the previous week’s revised average of 364,250.

The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending March 31, unchanged from the prior week’s unrevised rate of 2.6 percent.

The advance number for seasonally adjusted insured unemployment during the week ending March 31 was 3,251,000, a decrease of 98,000 from the preceding week’s revised level of 3,349,000. The 4-week moving average was 3,334,250, a decrease of 35,750 from the preceding week’s revised average of 3,370,000.

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US Jobless Claims Up 13K

New applications for jobless benefits rose sharply last week, the latest sign the labor market has lost some momentum.Meanwhile, separate government reports showed that the U.S. trade deficit for February registered its largest contraction since 2009 and wholesale prices held steady in March as energy prices eased.Initial jobless claims increased by 13,000 to a seasonally adjusted 380,000 in the week ended April 7, the Labor Department said Thursday. It was the largest weekly rise in claims in nearly one year. Economists cautioned that religious holidays last week and the start of a new financial quarter may have had an effect the figures.But with “a growing body of evidence that winter economic data were distorted to the upside by unusually mild weather and aggressive seasonal adjustment, we will be watching the claims data very closely in the weeks ahead,” said Joshua Shapiro, chief U.S. economist for MFR Inc.

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Unemployment claims hit two-month high – The Hill’s On The Money

The news follows a disappointing monthly report on jobs released on Friday. That report showed the economy added 120,000 jobs in March, down from an average of more than 200,000 from December through February.

Meanwhile, the unemployment rate fell to 8.2 percent in March, but mostly because potential workers gave up their search for jobs.

The jump in weekly claims will add to worries that the stronger growth at the beginning of the year was a mirage similar to the growth seen a year ago. After strong growth in the first few months of 2011, job growth slowed throughout the summer, stunting any momentum the economy might have been giving President Obama last year.

The economy is expected to be the major determining factor in this year’s presidential election, and presumptive GOP presidential nominee Mitt Romney used last week’s jobs report to hammer Obama for his performance on the economy.

via Unemployment claims hit two-month high – The Hill’s On The Money.