It's The Economy Stupid: Import Prices & Jobless Claims

Economic Event	Period	Economic Survey	Actual Reported	Original Prior	Revised Prior
Import Price Index MoM	MAR	-0.5%	-0.5%	1.1%	0.6%
Import Price Index YoY	MAR	-2.0%	-2.7	-0.3%	-0.8%
Initial Jobless Claims	APR 6	360K	346K	385K	388K
Continuing Claims	MAR 30	3067K	3079K	3063K	3091K

 

 

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.