Jobless Claims Rose More than Expected -- 4/3/2008

Stock PicksJobless claims rose significantly for week ending 3/29/2008.  The claims were up 138,000 to 407,000.

This was the highest we have seen since September 2005, and just one more piece of evidence that the economy has been contracting for a while.

These jobless claims were much higher than expected, and we are watching the stock market futures right now to see reaction.  It looks like the markets are heading for a moderately lower open. 

In other news,

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ATA Airlines filed for bankruptcy after losing a key military transport contract.  Over 2000 employees were notified that their jobs were eliminated. 

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