First Time Jobless Claims Rise -- Easter Blamed -- It's Always Something

Magic number: 400,000

Link here to Reuters/Yahoo!News.

Data points:

• first time claims last week: highest level since January (this explains all the "Fed talk" yesterday)
• unemployment benefits increased 13,000 to a seasonally adjusted 380,000
• analysts had expected a drop to 355,000
• four-week moving average also rose
• Easter blamed; expectations that claims will trend lower going forward