WASHINGTON – Initial jobless claims increased to a seasonally adjusted 460,000 for the week ending April 3, the first increase in three weeks, as seasonal volatility due to the Easter holiday affected claims reporting in some states, the Labor Department reported today.
Continuing claims fell by 131,000 to 4.550 million, the largest weekly drop since Jan. 2, reaching the lowest level of continuing claims since December 2008.
Economists expected 434,000 initial claims and 4.650 million continuing claims, according to the median estimate from Thomson Reuters.
Initial claims for the week ending March 27 were revised higher to 442,000 from 439,000 reported last week. Initial claims have fallen from a high of 651,000 claims set in March 2009 amid the worst of the current recession. Continuing claims were revised to 4.681 million from 4.662 million for the week ending March 20.
The four-week moving average of initial claims, a less volatile figure, fell to 450,250.
Initial claims figures for the Virgin Islands were estimated, a Labor Department official said. The Easter holiday closed some state offices in Puerto Rico and the Virgin Islands last week.
Additionally, the March 31 Cesar Chavez holiday in California closed some state offices last week, affecting initial claims, the Labor official said.
Because the Easter holiday falls in a different week from year to year, it is difficult to adjust seasonal initial claims factors accordingly, the official said. The next few weeks could be a "volatile time" as a result of the Easter holiday, he said.
Four states reported a drop of more than 1,000 initial claims for the week ending March 27 and four states reported an increase of more than 1,000 claims for the week.
