Initial jobless claims exceed forecast

More Americans than forecast filed first-time claims for unemployment insurance payments last week, showing companies are less confident about the expansion than they were earlier this year.

Applications for jobless benefits increased by 9,000 in the week ended June 18 to 429,000, Labor Department figures showed Thursday. The level of claims exceeded the highest estimate in a Bloomberg News survey in which the median projection called for 415,000 filings.

The number of people on benefit rolls was little changed, while those getting extended payments rose. Unemployment claims have swelled after dropping to an almost three-year low in February, indicating businesses may be reluctant to hire until demand strengthens.

Estimates for first-time applications ranged from 400,000 to 425,000 in the Bloomberg survey of 47 economists. The Labor Department initially reported 414,000 claims in the prior week.

-- Bloomberg News