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March 1, 2007 8:50 AM, EST

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Initial jobless claims rose 7,000 to a 14-month high, the Labor Department said Thursday.The gain to 338,000 new claims was above economists’ forecasts of 325,000, Bloomberg reported.The less-volatile four-week moving average rose to 335,250, the highest since October 2005, from 327,750, Labor said.The number of people continuing to collect benefits rose to 2.64 million, from 2.506 million.