Initial Jobless Claims Rise; Continuing Claims Fall

Initial jobless claims increased last week, but the number of Americans collecting jobless benefits fell the week before for the first time since January, the Labor Department said Thursday.

Initial claims for the week ended Saturday rose 3,000 to 608,000.

The four-week moving average, a less volatile measure, fell to 615,750, the lowest level since February, from 622,750 a week earlier, Labor said.

The number of Americans collecting jobless benefits fell the week before for the first time since January to 6.69 million. The decrease of 148,000 was the largest drop since November 2001, Labor said.