First-time jobless claims rise by 10,000

WASHINGTON, May 26 (UPI) -- First-time unemployment claims last week rose by 10,000 to a seasonally adjusted 424,000, the U.S. Department of Labor reported Thursday.

The figure could affect equity markets Thursday as economists had expected claims to fall. The consensus forecast called for a decline of 4,000 initial claims.

The four-week revised average for the week ending May 21 was 438,500, a decrease of 1,750 from the previous week's revised average of 440,250, the department said.

In March, the unemployment rate rose from 8.8 percent to 9 percent, despite a gain of 244,000 jobs, the most in 11 months.

The rate rose with the number of people counted as unemployed rose to 13.7 million.