Initial Jobless Claims Rise Unexpectedly

New U.S. claims for unemployment benefits surprisingly rose last week to their highest level since January in a sign an anticipated recovery in labor markets may take time, a government report showed on Thursday.

Initial claims for state unemployment benefits jumped 25,000 to a seasonally adjusted 429,000, up from a slightly upwardly revised 404,000 the preceding week, the Labor Department said.

Economists polled by Reuters were expecting claims to slip to 392,000 from the previously reported 403,000.

Jobless claims below 400,000 are associated with steady job growth.