Jobless Claims Rise 43,000 to 474,000

JEEEZ!

Initial claims for unemployment insurance in the U.S. rose to 474,000 in the week ending April 30, which represents an increase of 43,000 compared to the previous week, the U.S. Labor Department (DOL) said on Thursday.

The unexpected rise in unemployment claims marked the nation's highest in the last eight months, which could cause further concern in the labor market, but several factors could be attributed to the jobless claims rise, including temporary layoffs during spring break.

Other factors in the increase of unemployment claims also include auto industry shutdowns in Japan, following the catastrophic earthquake in March that triggered the country's ongoing nuclear crisis, as well as Oregon's recent emergency benefit program.

According to the latest DOL report, the 4-week moving average was 431,250, an increase of 22,250 from the previous week's revised average of 409,000.