Despite concerns that the U.S. employment market had hit a severe snag in March, with only 126,000 jobs created that month, the latest figures show that less Americans than ever before have filed for unemployment claims over the past four weeks, with the most recent weekly figures going up at a slower pace than expected.
According to the U.S. Labor Department, initial claims for state unemployment benefits ticked up by 14,000 in the week ended April 4, ending Easter week with a total of 281,000 claims with seasonal adjustment. The prior week's claims were downwardly revised by 1,000, while forecasts for this week's claims tended to range from 280,000 to 285,000, depending on the source. For the past four weeks, the moving average for jobless claims averaged 282,250, a decline of 3,000 claims and the lowest number of since June 2000; claims below 300,000 are indicative of a labor market that's improving.
Despite the usual concerns that Easter week statistics may be unfairly skewed due to the shortened work week, a Labor Department representative was quoted as having said the state-level data was not unusual at all.
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