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HUGE MISS: Initial Claims Surge To 380K

UPDATE:

Initial unemployment claims jumped above expectations, increasing by 13,000 to 380,000, new data out of the Department of Labor shows.

Economists polled by Bloomberg were looking for a 355,000 reading. The prior week's reading was revised higher by 10,000 to 367,000.

Pennsylvania and Illinois logged more than 1,000 more first time filers than a week earlier. Both states attributed the increase to layoffs in the construction sector. 

However continuing claims substantially beat forecasts, falling by 98,000 to 3.251 million. Expectations were for a 3,000 person decline. 

ORIGINAL:

Weekly initial unemployment claims are set for release at 8:30 a.m. today, with expectations for a slight decline from last week. 

Economists polled by Bloomberg forecast 355,000 first time claims were filed with the government for the week ending April 7.

The last report showed 357,000 initial claims.

Economists also see a continued decline in continuing claims, falling 3,000 to 3.335 million for the week ending March 31.

Follow the announcement live here >



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