Initial claims for the week ending April 3 increased 16,000 to 744,000 (Briefing.com consensus 678,000).

Continuing claims for the week ending March 27 decreased 16,000 to 3.734 million.

The four-week moving average for initial claims increased by 2,500 to 723,750. In the same week a year ago, the average stood at 3,828,250.

The four-week moving average for continuing claims decreased by 105,750 to 3,862,000. In the same week a year ago, the average stood at 3,611,750.

The total number of continued weeks claimed for benefits in all programs for the week ending March 20 was 18,164,588, a decrease of 50,862 from the prior week and versus 3,443,666 in the same week a year ago.

The key takeaway from the report is that it is disappointing labor market data that will convince the Fed that it needs to be patient before removing policy accommodation.