Initial Jobless Claims Rise Unexpectedly
Washington, DC, April 28, 2011 -- Initial jobless claims rose unexpectedly last week to their highest level since January, according to the Labor Department.
Initial claims rose 25,000 to a seasonally adjusted 429,000, up from a slightly upwardly revised 404,000 the preceding week, the Labor Department said.
Economists were expecting claims to slip to 392,000.
The four week moving average, a better measure of underlying trends, climbed to 408,500 from 399,250 in the previous week. It was the highest for the four-week average since February.