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A report released by the Labor Department on Thursday showed an unexpected increase in first-time claims for U.S. unemployment benefits in the week ended July 17th.
The Labor Department said initial jobless claims climbed to 419,000, an increase of 51,000 from the previous week's revised level of 368,000.
The rebound surprised economists, who had expected jobless claims to edge down to 350,000 from the 360,000 originally reported for the previous week.
The report showed the less volatile four-week moving average also crept up to 385,250, an increase of 750 from the previous week's revised average of 384,500.
