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As usual, the economists on Wall Street have apparently been spending too much time on the golf course rather than crunching the numbers, with those economists expecting unemployment claims to decline last week.
Specifically, Wall Street economists, on average, had expected first-time claims for unemployment benefits to decline by 7,000 claims for the week ended April 2, 2010. Instead, claims rose by 18,000 – to 460,000 claims during the week ended April 2, from 442,000 claims during the previous week.
As you can see from the chart below, the net planned hiring by U.S. businesses has clearly indicated since the beginning of this year that the employment situation in this country was on the verge of deteriorating and that claims for unemployment claims would soon trend higher, with U.S. employers stating during each of the past three months that they’ve planned to terminate more jobs than they’ve planned to create during the ensuing months.