In the week ending the 21st of April, US initial jobless claims continued to surprise on the upside of expectations. Initial claims dropped marginally, from an upwardly revised 389 000 to 388 000, while the consensus was looking for a decline to 375 000. The less volatile four-week moving average edged up from 375 500 to 381 750, the highest level since early January. It is not entirely excluded that the claims are still distorted due to the Easter holidays, but it is disappointing that the claims continue to hover around the highs. We believe that the claims might edge again somewhat lower in the coming weeks, but it is doubtful that will return fast to the levels reached in March. Continuing claims, which are reported with an extra week lag, surprised on the upside too, increasing by 3 000 to 3 315 000.