Initial Jobless Claims Higher Than Expected

Washington, DC, June 23, 2011 -- Initial claims for unemployment benefits rose more than expected last week, according to the Labor Department.

Initial claims rose 9,000 to a seasonally adjusted 429,000, the Labor Department said. The prior week's figure was revised up to 420,000.

Economists had forecast claims to edge up to 415,000 from a previously reported count of 414,000.

The four-week moving average of new jobless claims, considered a better gauge of labor market trends, was unchanged at 426,250.

Initial claims have now been above the 400,000 mark for 11 weeks in a row.