Initial Jobless Claims Surge Beyond Expectations

Washington, DC, May 1, 2008–Initial jobless claims for state unemployment benefits surged 35,000 to 380,000 in the week ending April 26, the Labor Department said Thursday.

Wall Street economists had expected a total of 360,000.

The four-week moving average of initial claims fell 6,500 to 363,750. For the week ending April 19, continuing jobless claims rose 74,000 to 3.02 million – the highest level since April 2004. The four-week average of continuing claims rose 16,750 to 2.98 million – the highest since May 2004.