Jobless Claims Increase to 380,000
US Jobless claims increased 13,000 to 380,000 for the week ending April 7th as per latest report of the US Labor Department on Thursday. The figure for jobless claims has reached its highest in two and half months due to high claims from education sector as many school workers are unemployed in reaction to spring break.
Most of these workers are school bus drivers and cafeteria workers. Analysts were expecting the figure of 359,000 for the week in jobless claims. According to one estimate, applications of jobless claims fall between 300,000 to 400,000 when the economy is expanding and now economists are doubtful that whether the rise in jobless benefits is temporary or its indicates a downturn in US employment outlook.
Chief economist, Joshua Shapiro from MFR Inc commented, “claims could just be statistical noise and investors should watch the next weeks very closely.”
The US Labor Department also disclosed that continuing claims fell 98,000 to 3.25 million for the week ending March 31st. Continuing claims show that how many people are already taking jobless benefits. According to the data almost 6.95 million people are part of some kind of state or federal benefit program.