Nancy Lazar, an economist at C. J. Lawrence Inc., noted that initial claims fell in 47 states, with the largest declines in Ohio and Michigan.

Nancy Lazar of the International Strategy and Investment advisory firm was one of several strategists who said that any damage from today's report would be only momentary.

The job data from February and March "overstated economic strength," Edward S. Hyman and Nancy Lazar of the International Strategy and Investment Group told clients.

"Every time inventory growth has risen faster than economic growth, the economy has slowed," said Nancy Lazar, a vice president and economist at ISI Group Inc., a Wall Street firm.

Assuming additional debt means more companies are likely to have trouble meeting interest payments if a recovery proves to be late in coming, said Nancy Lazar, senior vice president at C.J. Lawrence Inc.

In the near term, interest rates will probably move higher, Nancy Lazar, an economist at ISI Group, said.

Nancy Lazar, an economist at the ISI Group, said that if the index broke though the 214 level, she would begin to be worried about her prediction that the rate of inflation will decline this year.

"Joe is very talented " said Nancy Lazar, ISI's executive vice president.

Only then, said Nancy Lazar, senior economist at ISI Group, a consulting firm, would there be "a tone change in the economy."

"People don't want to borrow because they have too much debt already," said Nancy Lazar, an economist with International Strategy & Investment Group in New York.