Jobless Claims Hit Nine-Month High

Initial jobless claims fell last week by the most since August, the Labor Department reported Thursday.

New claims grew jumped by 43,000 to 474,000 for the week ended Saturday.

The reading was well above economists’ median forecast of 410,000 claims and the increase was due in part to seasonal factors, Bloomberg reported.

The four-week moving average of new claims, a less volatile measure, rose to 431,250, from 409,000.

Continuing claims for the previous week ended April 23 rose by 74,000 from a week earlier, to 3.73 million.