NEW YORK (CNN/Money) - Jobless claims rose last week, the government said Thursday, with the number of people filing for initial unemployment benefits above Wall Street expectations.
The Labor Department report showed 352,000 filed for first-time benefits in the week ended June 5, compared with a revised 340,000 the previous week.
Economists surveyed by Briefing.com were forecasting filings would drop to 335,000 in the most recent period.
The latest reading increased the closely watched moving average to 346,000, up 4,750 from the previous week's revised average of 341,250. The most recent reading is the highest weekly total in seven weeks.
Jobless claims and the overall employment picture are being watched by investors for signs of how fast the Federal Reserve will raise interest rates. The Fed left rates low throughout 2003 despite signs of an improving economy because a weak employment outlook worked to limit inflationary pressures. But three straight months of strong monthly jobs report has led investors to expect the first rate hike in four years at the June 30 meeting.
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