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Financial News Network
June 15, 2011 AT 12:45 AM
First time weekly claims for unemployment compensation increased 1,000 last week to 427,000 according to the Labor Department.Economists had expected initial jobless claims for the week to decline slightly to 419,000.Initial claims for the week prior were revised up to 426,000 from 422,000.The less volatile four-week moving average dropped to 2,750 to 424,000.The number of people receiving state benefits for the week ended May 21st fell 45,515 to about 3.72 million. That's down from 4.99 million in the same week in 2010.The total number of people receiving some sort of jobless benefit fell 89,233 to 7.60 million down from 9.93 million in the year earlier week.