Labor Department says number of claims surges to 407,000 - the highest level since September 2005.
New filings for unemployment claims surged in the latest week to the highest level since September 2005, according to a government report released Thursday.
The Labor Department said applications for unemployment benefits rose to 407,000 in the week ended March 29, up from a revised 369,000 claims in the previous week.
The last time claims were this high was in the week ended Sept. 17, 2005, just after Hurricane Katrina hit the Gulf Coast.
A consensus of economists polled by Briefing.com had expected initial jobless claims to fall to 365,000 from the originally reported 366,000.
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