Another disappointing week, last week was revised up, and initial claims this week were worse than forecast, 386K, down 2K from last week, only last week was revised up by 8K, with the 4-week moving average and continuing claim rising, though extended/emergency claims fell.
What I think we are seeing, and I think the fact that home sales fell in March reinforces this, is that the generally good economic news in the 1st quarter was (at least partially) an artifact of the unseasonably warm winter, which moved a lot of economic activity a few months earlier.
Basically, we saw time shifting, and thought that it was a recovery.