Initial Jobless Claims Rise 9,000 for Week

Initial jobless claims increased by 9,000 last week to 408,000, the Labor Department said Thursday.

Economists had forecast a rate of 400,000, Bloomberg reported.

The four-week moving average, a less volatile measure, fell to 402,500, from 406,000.

Continuing jobless claims for the previous week ended Aug. 6 climbed by 7,000 to 3.7 million, Labor said.