Nobody likes surprises and this comes as a surprise. Maybe the market will ignore this and focus on some of the positive news that has been out there this week.
The number of U.S. workers filing new claims for jobless benefits unexpectedly rose to its highest level in over 26 years last week and so-called continued claims jumped to a record high in March, according to data that underscored the labor market deterioration.
The Labor Department said on Thursday initial claims for state unemployment insurance benefits rose 12,000 to a seasonally adjusted 669,000 in the week ended March 28, the highest since the week ending Oct. 2, 1982, from an upwardly revised 657,000 the week before.
Analysts polled by Reuters had forecast 650,000 new claims versus a previously reported count of 652,000 the prior week.
