watch them try to fudge the numbers tom?
From todays gata
WASHINGTON, April 3 (Reuters) - The number of U.S. workers applying for unemployment benefit soared by 38,000 last week, posting the highest reading since September 2005 and reinforcing fears that the U.S. economy has stalled, government data on Thursday showed.
A Labor Department official said there were no special factors to explain the increase in initial claims to 407,000 in the week ended March 29, but he said seasonal adjustments to the data owing to the early timing of the Easter public holiday this year may have influenced the reading.
Economists polled by Reuters had expected initial jobless claims to increase to 370,000 in the week ending March 29, compared with 369,000 the prior week, initially estimated at 366,000 claims.
The four-week moving average of new claims, a more reliable guide to underlying labor market trends because it smooths out weekly data swings, also increased sharply. It rose to 374,500, which was the highest reading since October 2005.
Analysts fear a housing slump and credit crunch may have tipped the U.S. economy into recession and are scrutinizing the labor market for evidence of slackening jobs that could chill consumer spending.
