NEW YORK (CNNfn) - New jobless claims rose in the United States last week and came in a bit higher than Wall Street forecasts, according to a government report Thursday, pointing to continued weakness in the nation's job market.|
New claims for state unemployment benefits rose to 399,000 last week from a revised 392,000 the prior week, the Labor Department reported. Analysts surveyed by Briefing.com had forecast new claims of 393,000.
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But the four-week moving average of new claims, considered a better gauge of jobless trends, fell to 407,500 from the previous week's revised number of 417,500. Economists watch the four-week moving average more closely since it smoothes fluctuations in the weekly data.
Continued claims -- those by workers who already have claimed at least a week of benefits – rose to 3.03 million in the week ended June 23, the highest reading in 8-1/2 years. The data, the latest available, came after a revised reading of 2.98 million the prior week.