WASHINGTON — Initial jobless claims rose by 24,000 to 242,000 in the March 31 week, well above the 225,000 level expected.
The four-week moving average rose by 3,000 to 228,250, despite the high 230,000 level in the March 3 week dropping out of the equation. The average could rise further next week if there is no change to the headline number as the 226,000 level in the March 10 week drops out.
Seasonal adjustment factors had expected a decrease of 7.4%, or 14,372, in unadjusted claims in the week. Instead, unadjusted claims rose by 5,797 (+3.0%) to 200,909. The current week's level remains below the 208,347 level in the comparable week a year ago.
Continuing claims fell by 64,000 to 1.808 million in the March 24 week, lower than the year ago levels. The data still suggest that labor markets continue to be tight and workers are finding jobs relatively quickly.
The seasonally adjusted insured unemployment rate remained at 1.3% in the March 24 week. This is the fifth consecutive week staying at 1.3%. The current week's rate is down from 1.5% in the same week a year earlier.
The unemployment rate among the insured labor force is well below that reported monthly by the Labor Department because claims are approved for the most part only for job losers, not the job leavers and labor force reentrants included in the monthly report.
