The numbers: Initial jobless claims jumped 7,000 to 251,000 in the week ended July 16, the U.S. Labor Department said Thursday.
This is the highest reading since last November.
Economists polled by The Wall Street Journal had estimated new claims would inch down to 240,000 from last week’s 244,000 reading.
Key details: The number of people already collecting jobless benefits rose by 51,000 to 1.38 million.
Big picture: Claims have creeped higher since hitting 166,000 in March, the lowest level of claims since 1968. Economists say the labor market remains strong but layoffs bear watching.
Market reaction: U.S. stocks
DJIA,
SPX,
were set to open lower on Thursday after strong gains this week.
