Initial Jobless Claims Rise Less Than Expected

Washington, DC, July 17, 2008--Initial jobless claims rose 18,000 to 366,000 in the week ended July 12, according to the Labor Department. It was less than economists forecast.

The four-week average fell 4,500 to stand at 376,500.

Continuing claims fell to 3.12 million for the week ended July 5, down 81,000. During the same period last year, continuing claims reached 2.56 million.
 
The four-week average of continuing claims climbed by 16,500 to 3.14 million -- the highest level since February 2004.