Initial Jobless Claims Rise by 16,000

Initial jobless claims rose by 16,000 last week, the Labor Department reported Thursday.

Applications for jobless benefits for the week ended Saturday increased to 360,000 from a revised 344,000 the previous week that was higher than originally reported, Labor said.

Economists had forecast a decline to 340,000 new claims, Bloomberg News reported.

The four-week moving average, a less volatile measure, fell to 351,750, from 345,750.

Continuing jobless claims for the previous week ended June 29 rose by 24,000 to 2.98 million.