Jobless Claims Reach Seven-Year High

Initial jobless claims rose to the highest level in seven years last week and the total number of people collecting benefits was the highest number in five years, the Labor Department said Thursday.

Claims rose 1,000 to 497,000 for the week ended Saturday, Labor said. Economists had forecast a decline to 475,000, Bloomberg reported.

The four-week moving average, a less volatile measure, rose to 474,000 from 462,500.

The number of continuing claims rose to 3.591 million for the previous week ended Sept. 20, the most since September 2003.