Jobless claims: Highest since Katrina

[Omaha Steve]

http://money.cnn.com/2008/04/03/news/economy/initial_claims/?postversion=2008040310

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: April 3, 2008: 10:25 AM EDT

NEW YORK (CNNMoney.com) -- New filings for unemployment claims surged in the latest week to the highest level since September 2005, according to a government report released Thursday.

The Labor Department said applications for unemployment benefits rose to 407,000 in the week ended March 29, up from a revised 369,000 claims in the previous week.

The last time claims were this high was in the week ended Sept. 17, 2005, just after Hurricane Katrina hit the Gulf Coast.

A consensus of economists polled by Briefing.com had expected initial jobless claims to fall to 365,000 from the originally reported 366,000.

"There has been a slow deterioration in the labor market," Paul Kasriel, chief economist with Northern Trust, said. "We're starting to see a speed-up in this deterioration," he added.

The surge in jobless claims comes a day before the government's closely watched March employment report. Economists surveyed by Briefing.com expect that report to show a decline of 50,000 jobs.

FULL story at link.

[KatyaR]

1. And Dell's just announced plans to lay off over 8,000 employees,

and two airlines have gone out of business. Doesn't sound like the second quarter will be much better.