The number of Americans applying for first-time unemployment benefits rose dramatically last week to 360,000, an increase of 37,000, which was far more than the number analysts were expecting.
Analysts polled by Thomson Reuters I/B/E/S expected, on average, claims for the seven days ended Saturday to rise to 330,000 from the previous week's 323,000.
For the seven days ended May 4, claims fell to 323,000, a decrease of 4,000 from the previous week's revised figure of 327,000. The four-week moving average was 336,750, a decrease of 6,250 from the previous week's revised average of 343,000.
Malik Singleton covers manufacturing and other economic news. His previous roles were with City Limits, TIME.com, Black Enterprise and PCMag.com. He is an adjunct at CUNY's...