Initial Jobless Claims spike but holidays impacted seasonals

Initial Jobless Claims totaled 460k, 25k above expectations but the Labor Dept is specifically saying the Easter holiday and Cesar Chavez Day in California (it’s a big state) had an influence in the calculation of seasonal adjustments. The prior week was revised up by 3k to 442k. Continuing Claims, delayed by a week was 80k below forecasts and down by 131k from the prior week. Extended benefits, delayed by 2 weeks, fell a net 224k. Hopefully with the improving economy, those falling out of the extended benefit category is because they are finding new jobs as opposed to exhausting their benefits, which in some states reach 99 weeks.

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