By Alan Fein

(AXcess News) New York - Initial jobless claims for the week ending February 20, 2010 rose 22,000 to 496,000, the US Department of Labor reported this morning.  The increase marked the 6th week out of 8 that jobless claims have risen.

Economists were hoping to see a drop in claims with a street consensus of 460,000.

The jobless rate is now at its highest level of initial claims since mid-November, 2009.

The four-week moving average of initial jobless claims rose 6,000 to 473,750.

Continuing claims for the week ending Feb. 6, 2010 fell 320,000 to 5.68 million.