Initial jobless claims spike
Many more Americans filed for their first week of unemployment benefits than expected last week.
The Labor Department said Thursday that 385,000 people filed for initial jobless benefits. That was up 28,000 from a week ago. Analysts were expecting the number of jobless claims to drop to 345,000, according to Briefing.com.
The weak jobless claims report comes a day after payroll processing firm ADP said that private sector hiring had slowed in March, due in large part to a slowdown in construction.
All eyes will be on the monthly jobs report that the Labor Department will issue on Friday. Last month, the jobs report showed that unemployment had fallen to 7.7%, the lowest level since 2008.