Initial Jobless Claims Fall, Still Show Weakness

Washington, DC, April 10, 2008-- Initial jobless claims fell 53,000 to 357,000 for the week ending April 5, according to the Labor Department.

The four-week average of those claims rose 2,500 to 378,250 -- the highest level since October 2005. The prior weekly result for initial claims was revised to 410,000 from a first estimate of 407,000.

Economists see readings consistently higher than 350,000 as signaling significant weakening in the labor market. Initial claims ranging from about 300,000 to 325,000 indicate a healthy rate of U.S. employment growth.

For the week ending March 29, continuing jobless claims rose 3,000 to 2.94 million - the highest since July 2004. At the same time last year, the level reached 2.51 million.

The four-week moving average of continuing jobless claims rose 36,500 to 2.9 million - the highest level since August 2004.