US weekly jobless claims show unexpected rise

WASHINGTON - Claims for US unemployment benefits rose 17,000 to 327,000 last week, the Labor Department said Thursday.
It was the largest level of claims since the week ended January 8. The rise was unexpected.
Economists were expecting a drop in initial claims to hold steady at around 310,000.
A Labor Department official said some of the increase was due to the President`s Day holiday. There was a surge in claims this week, after the holiday-shortened previous week.
The four-week moving average rose 5,750 to 312,500.
The weekly data provides some clues to the more important monthly US payroll report. Net job creation is needed to sustain economic momentum.

03/10/2005 13:43 GMT