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Initial Jobless Claims
Jobless Claims in U.S. Plunged More Than Forecast Last Week - All states reported, no estimations used in the data
Applications for unemployment benefits in the U.S. plunged more than forecast last week unwinding a surge caused by the Easter holiday and spring break at schools.
Jobless claims decreased by 42,000 to 346,000 in the week ended April 6, from a revised 388,000. The median forecast of 49 economists surveyed by Bloomberg called for a drop to 360,000. A Labor Department official said no states were estimated and there was nothing unusual in the data.
Holidays such as Easter that fall on different weeks from year to year make it difficult to smooth out swings in the data, leading to increased volatility, the Labor Department said as the numbers were released to the press. Waning firings, a sign employers are retaining workers to meet sales, help to lay the ground for the hiring gains needed to sustain consumer spending, the biggest part of the economy.
Economists’ claims estimates in the Bloomberg survey ranged from 335,000 to 380,000. The Labor Department revised the previous week’s figure up to 388,000, the highest since November in the aftermath of superstorm Sandy, from an initially reported 385,000.
Another Labor Department report today showed the cost of goods imported into the U.S. decreased 0.5 percent in March, led by declining fuel costs.