Beat Expectation: US Jobless Claims +17K To 372K In Apr 12 Week; Survey +18K

Apr.17, 2008 in Market Outlook

WASHINGTON (Dow Jones)–The number of idled U.S. workers filing new claims for
unemployment benefits rose last week, a government report said Thursday.

Initial claims for jobless benefits increased by 17,000 to 372,000, after
seasonal adjustments, in the week that ended Apr. 12, the Labor Department said.

The four-week average of new claims last week decreased by 750 to 376,000 from
376,750.

The number of new jobless claims filed nationwide was near in line with what Wall
Street had expected. Economists surveyed by Dow Jones Newswires forecast a climb
of 18,000 new claims for the week ending Saturday.

The U.S. economy has lost jobs for three straight months. Non-farm payrolls fell
by 80,000 jobs in March, the Labor Department reported two weeks ago. That was
the biggest decline in five years and followed losses of 76,000 apiece in
February and January.

New jobless claims for the week ending Apr. 5 were revised downward to 355,000.
Originally, claims for that week were reported at a seasonally adjusted 357,000.

The Labor Department report Thursday included the total number of workers drawing
unemployment benefits in the week that ended Apr. 5, the latest period for which
that particular data are available. The number - known as continuing claims -
rose by 26,000 to 2,984,000. The unemployment rate for workers with unemployment
insurance remained at 2.2%.

On an unadjusted basis, Georgia reported the largest increase in new claims the
week of Apr. 5, at 4,306; there were layoffs in the textile, carpet, and service
industries. New Jersey had the biggest decrease, at 2,737; there were fewer
layoffs in the transportation, warehousing, and service industries.

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