Applications (INJCJC) for unemployment benefits in the U.S. plunged more than forecast last week unwinding a surge caused by the Easter holiday and spring break at schools.
Jobless claims decreased by 42,000 to 346,000 in the week ended April 6, from a revised 388,000, Labor Department figures showed today in Washington. The median forecast of 49 economists surveyed by Bloomberg called for a drop to 360,000. A Labor Department official said no states were estimated and there was nothing unusual in the data.
Holidays such as Easter that fall on different weeks from year to year make it difficult to smooth out swings in the data, leading to increased volatility, the Labor Department said as the numbers were released to the press. Waning firings, a sign employers are retaining workers to meet sales, help to lay the ground for the hiring gains needed to sustain consumer spending, the biggest part of the economy.
“The spike in claims was temporary,” Brian Jones, a senior U.S. economist at Societe Generale in New York, said before the report. “Claims will continue to come down. Things are getting better.”
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