NEW YORK (CNN/Money) - Jobless claims rose last week, the government said Thursday, but the number of people filing for first-time benefits still came in just below the 400,000 level closely watched by economists and investors.

The Labor Department report said 398,000 filed for benefits in the week ended Aug. 9, up from the revised reading of 396,000 during the previous week. Economists, on average, expected new claims to come in at 390,000, according to a Reuters poll, which was the same level as the initial reading for the previous week.

The report marks the fourth straight week of new jobless benefits filings below the 400,000 level. Some economists suggest that the target for considering jobless claims strength or weakness in the economy should be higher than 400,000. But few would argue that the employment picture in the nation is a strong one at the current time.

The latest survey of employers found 44,000 fewer jobs in July than a month earlier, rather than the gain expected by economists. The unemployment rate slipped to 6.2 percent from 6.4 percent, but at least part of that decline was due to long-term unemployed giving up searching for a new job.

Bond prices were lower in early trading following the jobless claims report as well as reading that showed slightly higher wholesale prices. Stocks futures suggested a slightly higher opening for the market.