The number of Americans submitting first-time claims for jobless benefits rose by 13,000 to 472,000 last week, suggesting the economic recovery may be decelerating. Economists surveyed by MarketWatch had forecast a decline in claims to 455,000.
The four-week average of initial claims rose by 3,250 to 466,500. That's the highest since early March.
"Initial claims for unemployment insurance benefits are moving in the wrong direction," Ryan Sweet, a senior economist at Moody's Economy.com in West Chester, Pa., told Bloomberg News before the report. "Jobless claims are further from levels typically viewed as signaling rising payrolls."
Initial Jobless Claims Rise, Suggesting Slower Recovery