Initial Jobless Claims Rise 18,000 for Week

Initial jobless claims rose by 18,000 last week, the Labor Department reported Thursday.

Applications for jobless benefits for the week ended Saturday increased to 354,000 from the previous week, Labor said.

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

The four-week moving average, a less volatile measure, rose to 348,250, from 345,750.

Continuing jobless claims for the previous week ended June 8 fell by 40,000 to 2.95 million.