Jobless Claims Up 9,000 Last Week

Washington, DC, August 30, 2007–First-time applications for jobless benefits unexpectedly rose last week to the highest level since April, suggesting the housing recession and related turmoil in credit markets are costing jobs.

Initial unemployment claims climbed by 9,000 to 334,000 in the week that ended August 25,  according to the Labor Department.

The four-week moving average, a less volatile measure, increased to 324,500 from 318,250.

Economists had predicted initial jobless claims would fall by 2,000.