(April 3, 2008) – The Department of Labor released their Unemployment Insurance Weekly Claims Report, announcing that in the week ending March 29, the advance figure for seasonally adjusted initial claims was 407,000, an increase of 38,000 from the previous week’s revised figure of 369,000. The 4-week moving average was 374,500, an increase of 15,750 from the previous week’s revised average of 358,750.
Note that this report measures initial claims for the week of March 12. That number is inflated because the American Axle strike that shut down a number of auto plants took place on March 10. That makes the number not a reliable indicator of the strength of product demand.
The advance number for seasonally adjusted insured unemployment during the week ending March 22 was 2,937,000, an increase of 97,000 from the preceding week’s revised level of 2,840,000. The 4-week moving average was 2,859,000, an increase of 32,250 from the preceding week’s revised average of 2,826,750.