Jobless Claims Rise Above 300,000

After falling below 300,000 two weeks ago, the number of initial claims for unemployment insurance in the U.S. last week rose above 300,000.

In the week ending June 17, first-time jobless claims reached 308,000, an increase of 11,000 from the previous week's revised figure of 297,000, the U.S. Labor Department reported on June 22.

Layoffs in the textile, apparel, primary metals, wood products, furniture, chemical and electrical equipment industries contributed to the increase, the department said.

The department's four-week moving average of initial claims, considered a better indicator of underlying labor market conditions because it smooths out week-to-week changes, fell last week. The four-week average was 311,250 claims, some 5,000 fewer than the previous week's revised average of 316,250.

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