US Initial Jobless Claims Rise to Highest Level This Year

Applications for US unemployment benefits rose to the highest level this year, amid an increase in job-cuts announcements at corporations and federal agencies.

Initial claims increased by 22,000 to 242,000 in the week ended Feb. 22, matching the highest level since October, according to Labor Department data released Thursday. The median forecast in a Bloomberg survey of economists called for 221,000 applications.