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Jobless claims rise unexpectedly

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Jobless claims rise unexpectedly

Weekly figure misses analysts’ expectations by a wide margin.

The Labor Department today reported that seasonally-adjusted initial claims for unemployment insurance for the week ended April 26 were 344,000, an increase of 14,000 from the previous week's revised figure of 330,000.

Analysts had expected a drop in new claims, to 319,000.

The 4-week moving average, which smoothes out volatility to a certain extent, increased 3,000 to 320,000.

While the increase in claims was unexpected, many analysts suspect the late Easter holiday and the timing of spring break across the country may have caused seasonal adjustments to be somewhat distorted.

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Tomorrow, the government will report on April private employment figures, which is expected to reflect an increase of 210,000 jobs, similar to yesterday’s ADP report of 220,000 jobs created in April.

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