UPDATE: Initial jobless claims fell to 386K, missing far more optimistic expectations from Wall Street.
Part of the miss can be attributed to upward revisions of last weeks data to 388K from 380K.
We’ve seen a string of upward revisions in jobless claims data recently, so this latest one is not exactly surprising.
However, the extent of the drop in jobless claims was far smaller than expected.
On the other hand, continuing claims actually fell slightly more than expected to 3297K, beating expectations of outright despite the fact that last week’s number was revised upwards from 3251K to 3271K.
ORIGINAL: Investors are looking forward to the latest in jobless claims data, due out at 8:30 AM ET.
Analysts polled by Bloomberg predict that initial claims for the week of April 14 totaled 370K, a decline from the estimated 380K a week before.
They also expect that continuing claims for the week of April 7 will rise to 3300K from 3251K.
Many economists have argued that consumers are driving the still-fragile economic recovery, and have voiced concerns that any slowdown in job growth could stymie economic strength.