Initial Claims MISS Expectations At 388K, Economists Expected 375K

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UPDATE:

Initial unemployment claims missed expectations this morning, with 388,000 people filing for first time benefits for the week ending April 21.

Economists polled by Bloomberg had forecast the number would decline by 11,000 to 375,000.

The Department of labour revised last week’s figure up slightly to 389,000, from 386,000 during a preliminary estimate.

Continuing claims also missed forecasts, increasing to 3.315 million from an upwardly revised 3.312 million figure for the week ending April 14.

“The largest increases in initial claims for the week ending April 14 were in New York (+3,352), California (+3,060), Georgia (+2,179), Florida (+2,048), and North Carolina (+1,923), while the largest decreases were in Washington (-5,700), Pennsylvania (-5,362), Oregon (-3,649), Indiana (-3,341) and Maryland (-2,865),” the DOL said in its statement

The five states reporting the largest increase in filings said layoffs varied by sector, with transportation, construction, services and education all cutting headcount. 

ORIGINAL:

We are minutes away from the weekly initial unemployment claims report.

Economists polled by Bloomberg forecast the number of first time filers fell by 11,000 to 375,000.

The announcement is scheduled for 8:30 a.m. Follow it live here >

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