U.S. jobless claims rose more than expected for March as nonfarm payrolls plunged by 663,000 in the month, more than the 654,000 analysts had expected, the U.S. Labour Department reported on Friday.

The losses, which mark the fourth-straight month in which job losses exceeded 600,000, means the jobless rate is now 8.5%, the highest since 1983. The U.S. economy has now shed 5.1 million jobs since the recession began in December 2007.

North American stock markets are expected to react negatively to the report. This would follow a strong day on the markets on Thursday after G20 leaders pledged an additional US$1 trillion to restore credit, growth and jobs around the world.

Asian markets climbed modestly on Friday following this news. Japan’s Nikkei 225 stock average added 30.06 points, or 0.3%, to 8,749.84.Hong Kong’s Hang Seng edged up 23.72, or 0.2%, to 14,545.69. And South Korea’s Kospi rose 0.5 per cent to 1,283.75

Markets in Europe fell as Britain’s FTSE 100 was down 0.3%, Germany’s DAX 100 fell off 0.4% and France’s CAC-40 losing 0.5%.

On Thursday, the S&P/TSX composite index rose 131.32 points, or 1.5%, to close at 9,073.14.

The S&P/TSX Venture composite index also advanced, rising 8.18 points, or 0.8%, to close at 978.27.

Stocks in New York enjoyed similar gains as investor sentiment benefited from the G20 economic stimulus plans.

The Dow Jones industrial average added 216.48 points, or 2.8%, to finish at 7,978.08.

The S&P 500 index gained 23.3 points, or 2.9%, to close at 834.38.

The Nasdaq composite index climbed 51.03 points, or 3.3%, to 1,602.63.

IE