474 Thousand: That's how many jobless claims we got last week

There were "special" reasons for a 43K surge in unemploymet claims off of an already increasing number last week.

I think its fair to say "we have a problem".

The biggest factor is an adjustment timing for a spring break in New York state followed by a new emergency benefit plan in Oregon. The third factor is the auto sector where claims related to retooling increased. Note that possible layoffs tied to Japanese supply disruptions remain an uncertainty for the outlook.

Initial claims came in at 474,000 in the April 30 week for an astounding contrast with expectations of 410,000 (prior week revised slightly upward to 431,000). The four-week average jumped 22,250 to 431,250 which shows a nearly 40,000 increase from a month ago.

Special factors or not, headline levels are startling especially ahead of tomorrow's monthly employment report where expectations were already weakening. Via DOL:

In the week ending April 30, the advance figure for seasonally adjusted initial claims was 474,000, an increase of 43,000 from the previous week's revised figure of 431,000. The 4-week moving average was 431,250, an increase of 22,250 from the previous week's revised average of 409,000.

The advance seasonally adjusted insured unemployment rate was 3.0 percent for the week ending April 23, an increase of 0.1 percentage point from the prior week's unrevised rate of 2.9 percent.

The advance number for seasonally adjusted insured unemployment during the week ending April 23 was 3,733,000, an increase of 74,000 from the preceding week's revised level of 3,659,000. The 4-week moving average was 3,700,750, a decrease of 1,250 from the preceding week's revised average of 3,702,000.

The advance seasonally adjusted insured unemployment rate was 3.0 percent for the week ending April 23, an increase of 0.1 percentage point from the prior week's unrevised rate of 2.9 percent.

The advance number for seasonally adjusted insured unemployment during the week ending April 23 was 3,733,000, an increase of 74,000 from the preceding week's revised level of 3,659,000. The 4-week moving average was 3,700,750, a decrease of 1,250 from the preceding week's revised average of 3,702,000.

Job losses for states with over 1,000 job losses and reasons provided

KY +1,031 No comment.
MD +1,358 No comment.
RI +1,513 Layoffs in the service and manufacturing industries.
IL +1,515 Layoffs in the construction, trade, and service industries.
CT +1,601 Layoffs in the transportation and service industries.
OH +1,700 Layoffs in the automobile industry.
PA +2,306 Layoffs in the construction, service, and transportation industries.
MA +4,027 Layoffs in the transportation and service industries.
NJ +5,326 Layoffs in the transportation, warehousing, trade, service, and public administration industries.

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