Initial Jobless Claims Increase By 1,000

Initial jobless rose by 1,000 to 427,000 last week, the Labor Department said Thursday.

Economists had forecast the rate to drop to 419,000, Bloomberg reported.

The four-week moving average, a less volatile measure, fell to 424,000 from 426,750 last week.

Continuing jobless claims for the previous week ended May 28 fell by 71,000 to 3.68 million, Labor said.