Initial unemployment claims bounce back up 26,000

New claims for unemployment bounced back up near 400,000 in the first week of March, the Labor Department reported Thursday.

Weekly initial jobless claims increased 26,000, to 397,000, that week, a reversal of two weeks of declines previously experienced.

In addition, the previous week's figure was revised upward, growing 3,000, to 371,000, slightly erasing that drop of 20,000.

The four-week moving average grew by 3,000, to 392,250. That average is meant to more accurately gauge the state of unemployment claims by smoothing out week-to-week volatility.