By CountingPips.com
U.S. jobless claims increased by much more than expected in the week that ended on April 30th and reached the highest level in eight months, according to a release by the U.S. Labor Department today. Weekly initial jobless claims rose by 43,000 workers to a total of 474,000 unemployed workers following the prior week’s 431,000 revised number of claims. The 474,000 jobless claims marked the highest level since August 2010.
The 4-week moving average of unemployed workers increased by 20,250 workers from the previous week to a total of 431,250.
Market forecasts were expecting jobless claims to decline to 440,000 workers.
Meanwhile, workers seeking continuing claims for unemployment benefits for the week ending April 23rd also increased for the week. Continuing claims decreased by 74,000 workers to a total of 3,733,000 unemployed workers.
The 4-week moving average of continuing claims fell by 1,250 workers to a total of 3,700,750.
