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Last Week’s Jobless Claims in U.S. Plunged More Than Forecast

Bloomberg (04/11/13) Shobhana Chandra; Lorraine Woellert

The number of people who applied for new unemployment benefits fell sharply last week after a big increase the week before, the U.S. Department of Labor reported today, with initial claims declining by 42,000 to 346,000 in the week ended April 6. The median forecast of 49 economists surveyed by Bloomberg called for a drop to 360,000. The average of new claims over the past month rose by 3,000 to 358,000. The sudden change from the week before suggests an unwinding of a surge caused by the Easter holiday and spring break at schools.