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.