Jobless Claims Fall 53,000; Biggest Drop Since Sept. ’05

WASHINGTON — Initial claims for U.S. state unemployment dropped 53,000 to 357,000 in the April 5 week, the biggest drop since September 2005 and well under expectations, the Employment and Training Administration reported yesterday.

The week’s level was the lowest since the March 8 week. Analysts expected initial jobless claims to rise to 385,000. The previous week’s initial claims level was revised up to 410,000 from the original 407,000. No special factors were cited by the ETA analyst but he did say the change was “more of a correct” in the volatile seasonal factors.

The seasonals had expected an increase of 19.2% or 66,000 but instead got an increase of 3.7% or 12,900.

The four-week moving average in the April 5 week was 378,250, an increase of 2,500 from the previous week.

The level of adjusted continuing claims in the March 29 week rose 3,000 to 2,940,000.

— Market News International

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