WASHINGTON — Initial claims for state unemployment benefits rose 17,000 to 372,000 in the April 12 week employment survey week, the Labor Department reported yesterday.
Initial claims were down 3,000 from the 375,000 level in the March 15 employment survey week.
Analysts expected initial jobless claims to rise to 375,000. The previous week’s initial claims level was revised down to 355,000 from the original 357,000. No special factors were cited by the Labor Department analyst, who said that any effect of the auto strikes was not noticeable.
The seasonals had expected a decline of 1.5% or 5,300 but instead got a rise of 3.3% or 11,797, he said.
The four-week moving average in the April 12 week was 376,000, a modest decline of 750 from the previous week. The four-week moving average was 356,250 in the March 15 week.
The level of adjusted continuing claims in the April 5 week rose 26,000 to 2.984 million, the highest level since the June 12, 2004, week, when continuing claims stood at 2.987 million.
The seasonally adjusted insured unemployment rate remained at 2.2% in the April 5 week, up from the 1.9% reading a year ago.
— Market News International
