THE ECONOMY

Mixed Picture for Jobless Claims: The number of Americans seeking first-time jobless benefits rose slightly last week, but the closely watched four-week average of claims tumbled to the lowest level since March 18, the government said. Initial claims for state unemployment pay rose by 6,000 to a seasonally adjusted 338,000 in the week ended Aug. 12 from a revised 332,000 the prior week, the Labor Department said. The four-week moving average for claims, viewed as a more reliable gauge of labor market conditions than the more volatile weekly figure, fell by 19,500 to 340,750 last week. The Labor Department reported 4,906 additional claims in California, which said the increase was due to the start of a new quarter of wage credits for benefit purposes.