What Did We Learn Today From the Initial Claims Figures?

Initial claims came in at 352K today, an increase of 4K over the prior week.  Since bottoming out in the second week of March, claims have climbed 18K, or about 5.4 percent.  Over the same horizon, claims have ranged from a low of 334K to a high of 388K during Easter week.  Today’s claims figures are below the four week moving average of 361K, although this measure has been increasing since the third week of March.  The four week moving average has increased from 341K in the third week of March to this week’s 361K.